US stocks fall, politicians remain at odds
July-27-2011--US stocks plunged overnight as the country edged closer to defaulting on its debt and the economy showed more signs of deteriorating. Major indexes gave up all of their gains for the month.
The Dow Jones industrial average fell 198.75 points, or 1.7 per cent, to 12,302.55, its biggest one-day drop since early June. It has fallen for four days straight. The Dow is headed for its worst weekly decline in nearly a year and is now 4 per cent below the 2011 high it reached on April 29.
The S&P, which serves as a benchmark for most mutual funds, is also down 4 per cent from its recent peak.
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