U.S. stocks closed lower Friday, as investors' concerns about the fiscal cliff continued to eclipse signs of improvement in the global economy. In U.S. news, the Federal Reserve reported that industrial production jumped 1.1 percent in November, although economists said the larger-than-expected increase was due to Hurricane Sandy. U.S. consumer prices fell 0.3 percent in November, the Commerce Department reported. Core CPI edged up 0.1 percent last month. In international news, Chinese stocks conducted a major rally on continued improvement in the nation's manufacturing sector and speculation Beijing will allow funds to buy more assets. Japan's stocks fell ahead of weekend parliamentary elections. A survey of purchasing managers in the euro area edged up to 47.3 in November from 46.5 in October. The eurozone composite PMI has increased for two consecutive months and is at a 9-month high. In company news, Best Buy shares sank after the company's board agreed to extend the deadline for a takeover bid by its founder. Apple shares declined after UBS lowered its 2013 earnings per share estimate for the company. Facebook shares were also in the red, as investors geared up for another lockup expiration. Roughly 156 million shares held by Facebook employees will be released into the market. The dollar fell versus the euro, the pound, and the yen. Light sweet crude oil for January delivery added 84 cents to $86.73 on the New York Mercantile Exchange. Gold futures rose 20 cents to $1,697. The Dow Jones industrial average lost 35.71, or 0.27 percent, to 13,135.01. The broader Standard & Poor's 500 index fell 5.87, or 0.41 percent, to 1,413.58. The technology-heavy Nasdaq composite index dropped 20.82, or 0.70 percent, to 2,971.34.
