Another terrible day for stocks

President Obama's insistence on higher taxes for the wealthy may have been part of it, along with word that the Federal Housing Administration could be exhausting its reserves. But what mainly drove down the market is what's been driving it down for several weeks: Concern about Washington's fiscal cliff and the possibility of increased taxes on capital gains. Investors who had enjoyed an extended rally for much of the summer and early fall are now looking to go light on equities and see what happens. They are not inclined to buy into the market, despite the Dow falling more than 1,000 points since September (look at the big drop-off in the last week). It's painful stuff. The Dow closed at 12,570, down 185 points. It's the fifth decline in the six sessions since Election Day.

Chart: CNNMoney