Markets
Debt stalemate weighs on US stocks
NEW YORK : US stocks opened lower Wednesday as Congress continued squabbling over the debt ceiling and fears mounted
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NEW YORK: US stocks opened lower Wednesday as Congress continued squabbling over the debt ceiling and fears mounted that the US government would default or see its credit rating downgraded.
The Dow Jones Industrial Average dropped 70.09 points (0.56 percent) to 12,431.21 in the first five minutes of trading.
The broader S&P 500 shed 9.32 points (0.70 percent) to stand at 1,322.62, while the tech-heavy Nasdaq Composite tumbled 19.39 points (0.68 percent) to 2,820.57.
In Washington, Republicans and Democrats remained far from agreement despite a deadline set by the US Treasury for next Tuesday, when it says the government's $14.29 debt ceiling must be raised to avoid a potentially calamitous default.
Copyright AFP (Agence France-Presse), 2011
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