President Obama hangs tough on "tax the wealthy" rhetoric. No indication he will yield on raising rates for the wealthy.
The first half-hour of the president's news conference was relatively uneventful from a market perspective: stocks moved mostly sideways.
But shortly after 2pm ET, stocks dropped to the lows of the day as the president, when asked what would happen if we went over the fiscal cliff, noted that it would have an impact on the holiday season, as well as corporate planning.
(Read more: Why Postponing the 'Cliff' Is a Bad Idea: Geithner)