Global stocks edge lower as 'fiscal cliff' debate drags

US stocks dipped today as President Barack Obama and top Republicans remained at odds about how to avert a series of tax hikes and spending cuts next year that could push the economy into recession.

The Dow Jones industrial average dropped 14.56 points, or 0.11 percent, to 13,007.26. The Standard & Poor's 500 Index fell 2.17 points, or 0.15 percent, to 1,413.78. The Nasdaq Composite Index lost 6.66 points, or 0.22 percent, to 3,005.37.

European stocks ended slightly down while posting solid monthly gains, as investors bet the worst of Europe's debt crisis is over and that a US budget deal will be reached before the year-end.

The FTSEurofirst 300 index of top European shares ended 0.2 percent lower at 1,119.36 points, after touching its highest level since July 2011 earlier in the session.