Debt Ceiling: Markets Down Four Straight Days While Washington Stalement Continues

Jul 27, 2011 5:04pm

ABC News' Dan Arnall (@abcmoneyguy) reports:

As Washington continues to debate the solution to the nation’s debt ceiling and deficit reduction plans, Wall Street has seen a steady erosion, today marking the fourth day in a row with negative results.

Investors sold over increasing concerns about the ability of Congress and the Obama Administration to come together before the August 2nd deadline. Dour earnings and poor orders for durable goods also added to the selling mood.

The Dow Jones Industrial average fell almost 200 points (or 1.6 percent) today – the worst single day performance since the beginning of June. We’ve seen four days of selling in a row, with the Dow shedding some 422 points (or 3.3 percent).


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