Tuesday, July 26, 2011

U.S. stocks end lower as debt-deal deadline looms

U.S. stocks fell Monday, but finished above the session’s worst levels, as Wall Street weighed whether legislators would negotiate an agreement and avert a government default with a deadline eight days away.

“Longer-term price action on U.S. equities has shown major support in the face of some pretty bad macro news over the last couple of months,” said Matthew Tuttle, chief executive officer at Tuttle Wealth Management in Stamford, Conn.
For now, it “looks like traders are hedging their bets by buying some of the safe haven stuff” such as gold, silver and the Swiss franc, “but they are not selling stocks under the assumption that this debt stuff will be worked out — and they don’t want to be caught with their pants down when it does,” he said.
After hitting a partisan stalemate over how to contend with the nation’s $14.3 trillion debt, Republicans and Democrats readied differing proposals to hike the debt limit, prompting worries the U.S. might lose its Triple-A debt rating even if an actual default is averted

Dow Jones Industrial Average

 (DJI: ^DJI )
Index Value:12,592.80
Trade Time:4:01PM EDT
Change:Down 88.36 (0.70%)
Prev Close:12,681.16
Day's Range:12,536.19 -12,679.95
52wk Range:9,915.73 -12,928.50

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