02 Aug '11, 9pm

US stocks tumble over 2% despite debt deal

US stocks tumble over 2% despite debt deal

NEW YORK: US stocks wiped out most of their gains for 2011 on Tuesday, tumbling as poor economic data overshadowed a congressional deal to raise the country's debt-ceiling and avoid a default. It was the eighth straight day down for the US markets, the longest losing streak since October 2008, and saw the Nasdaq and S&P 500 indices close below where they started the year, while the Dow was at its lowest since mid-March. The Dow Jones Industrial Average closed lower by 265.87 points (2.19 percent) at 11,866.62. The broader S&P 500 dropped 32.89 points (2.56 percent) to 1,254.05, while the tech-heavy Nasdaq Composite shed 75.37 points (2.75 percent) to 2,669.24. Markets were unimpressed by the deal signed by President Barack Obama to end a months-long fight over raising the US borrowing limit that had led the country to the edge of an unprecedented default on its debt. Even ...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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