The New York Times
Tuesday, August 2, 2011 -- 4:11 PM EDT
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Stocks Slump More Than 2% Despite U.S. Debt Vote
A Senate vote to pass the debt ceiling plan on Tuesday may have averted the potential for the United States to default on its obligations, but it failed to lift investors' spirits. The Dow Jones industrial average slumped 264 points by the close of trading.
Within minutes of the news of the vote on the budget agreement, which had already passed the House on Monday, the three main indexes on Wall Street were down more than 1 percent.
Stocks had slumped since the morning opening as investors weighed recent data that drove home the challenges the economy faces. Their next step: weighing the debt limit agreement's impact on the economy and whether it could possibly slow growth.
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http://www.nytimes.com/2011/08/03/business/daily-stock-market-activity.html?emc=na
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