U.S. stocks fell sharply on Wednesday as President Obama gave investors little cause for quick deal on the looming "fiscal cliff." Higher taxes on wealthy American would have to be part of any deal, Obama told reporters at a briefing in Washington.

The Dow closed down 185.23 points, or 1.5 percent, at 12,570.95.

The Standard & Poor's 500 index fell 19.04 points, or 1.4 percent, to 1,355.49.

The Nasdaq composite index lost 37.08 points, or 1.3 percent, to 2,846.81.

For the week:

The Dow is down 244.44 points, or 1.9 percent.

The S&P 500 index is down 24.36 points, or 1.8 percent.

The Nasdaq is down 58.06 points, or 2 percent.

For the year:

The Dow is up 353.39 points, or 2.9 percent.

The S&P 500 is up 97.89 points, or 7.8 percent.

The Nasdaq is up 241.66 points, or 9.3 percent.