US stocks sank as markets opened amid fears that lawmakers in Washington would fail to reach a deal to raise the government's debt ceiling, increasing the chances of a ruinous default.
|||US stocks sank as markets opened Monday amid fears that lawmakers in Washington would fail to reach a deal to raise the government's debt ceiling, increasing the chances of a ruinous default.
The Dow Jones Industrial Average dropped 112.62 points (0.89 percent) to 12,568.54 in the first five minutes of trading.
The broader S&P 500 fell 13.12 points (0.98 percent) to 1,331.90, while the tech-heavy Nasdaq Composite shed 28.68 points (1.00 percent) to stand at 2,830.15.
The sell-off came after debt-ceiling talks between Democrats and Republicans collapsed last Friday and the two sides made little progress towards resolving their differences over the weekend.
The White House says failure to raise the government's $14.29 trillion debt limit by August 2 could force the United States to default on its debt, which would have disastrous effects on financial markets. - Sapa-AFP
Source: http://www.iol.co.za/debt-impasse-slams-us-stocks-1.1105491
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