STOCKS OPEN SHARPLY LOWER

Stock futures opened sharply lower today on fears that no agreement will be reached to avert th fiscal cliff in the United States. The failure of GOP leadership to bring to a vote House Speaker John Boehner's "Plan B" in the House of Representatives triggered the sell off.

At the opening bell, Dow futures were down 187 points, while S&P 500 futures were down 22 points.

The White House said it would work with Congress to avoid the series of tax increases and spending cuts set to kick in at the start of next year, but things look bleak as time is running short to find a solution before Christmas.

Boehner has scheduled a 10 a.m. news conference to talk about the next step.

Economic news revealed an increase in personal income in November, rising 0.6 percent while spending increased 0.4 percent. Initial economic forecasts estimated a rise in income of 0.3 percent and a rise in spending of 0.4 percent.