Stocks open lower, following European markets

NEW YORK — Stocks are opening lower on Wall Street. Investors are still waiting for signs of progress on the "fiscal cliff."

Just after the opening bell, the Dow Jones industrial average is down 45 points at 12,832. The Standard & Poor's 500 index is off five points at 1,393, and the Nasdaq composite index is down 15.

Stocks fell on Tuesday after Senate Majority Leader Harry Reid said he was frustrated by the lack of progress in budget talks. Broad tax increases and government spending cuts take effect Jan. 1 unless there's a deal.

Elsewhere Wednesday, stocks are lower in Asia and Europe.

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