Via Scoop.it – internetbillboards
Wall Street extends a losing run as investors fret about economic growth and are left shaken after the passage of the debt-ceiling deal. U.S. stocks fell hard Tuesday, posting their longest losing streak since the heart of the 2008 credit crisis, on investor worries about upcoming federal deficit cuts and a likely stall in the recovery.
The Dow Jones Industrial Average /quotes/zigman/627449/delayed DJIA -2.19% fell 265.87 points, or 2.2%, to 11,866.62, its worst one-day loss since June 1. The eight-day losing stretch was the longest since October 2008, weeks after the collapse of Lehman Bros. and by some measures, the peak of the U.S. credit crisis.
Click to Play El-Erian: Debt deal bad for economy Washington’s debt-ceiling deal could make the U.S. economy worse, says Pimco’s Mohamed El-Erian. Plus, there is a “high chance” the U.S. will be downgraded despite averting default. The S&P 500 posted a new closing low for 2011 and turned negative for the year.
The just-ended battle over hiking the U.S. debt ceiling means the government avoided default, but also rattled investors just coming to grips with a shaky U.S. economy.
- Pimco’s El-Erian: Debt Deal No Good for Economy (blogs.wsj.com)
- Market Snapshot: U.S. stocks lower on economic-growth concerns (marketwatch.com)
- U.S. stocks slide, post worst week in over year (marketwatch.com)
- Wall Street on Debt Deal: So What? (foxbusiness.com)
- PIMCO CEO: Debt Deal Only Short-Term Relief (abcnews.go.com)
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