Stocks fall as hopes for a budget deal fade

Stocks are closing lower on concern that U.S. lawmakers will run out of time to reach a budget deal before year-end, AP reported. The Dow Jones industrial average lost 52 points to close at 13,139 Monday in a shortened holiday trading session. The Standard & Poor's 500 index fell three points to 1,427. The Nasdaq composite dropped 8 points to close at 3,013. Sen. Joe Lieberman said that it is now 'more likely we'll go over the cliff than not,' following the failure of a plan by House Speaker John Boehner's to allow tax rates to rise on wealthier Americans. Failure to agree on a budget plan by Jan. 1 would lead to government spending cuts and tax hikes that could push the economy into recession. Stocks closed early Monday before Christmas.