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AP News

News Summary: US stocks extend losses

CLIFF WORRIES: Investors sold stocks again Thursday, following the sharpest sell-off of the year the day before. Investors are worried about the outlook for taxes and government spending following the election of President Obama and looming deadline for lawmakers to agree to a plan to cut the US budget deficit.

MOOD CHANGE: The Standard & Poor's 500, though still up 10 percent for the year, is now 6 percent below its 2012 high, which it reached Sept. 14. The index may struggle to regain the lost ground as investors wait for clarity about possible tax increases.

KAYAK SURGES: Kayak Software surged in after-hours trading after the company agreed to be acquired by rival for $40 a share. The stock climbed $8.14 to $39.18.

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