How the major stock indexes fared Monday

AP News
Posted: Jul 25, 2011 5:35 PM
How the major stock indexes fared Monday

The debt showdown in Washington is rattling the stock market again.

Stocks fell Monday after Republican and Democratic leaders offered competing proposals to avoid a catastrophic default on the U.S. government's debt.

Lawmakers hoped to reach a compromise on raising the country's borrowing limit late Sunday, but those talks stalled. President Barack Obama wants to raise revenues by letting tax cuts for wealthy Americans expire. Republicans have pushed for more spending cuts and have rejected higher taxes.

The Dow Jones industrial average fell 88.36 points, or 0.7 percent, to close at 12,592.80.

The Standard & Poor's 500 index fell 7.59, or 0.6 percent, to 1,337.43.

The Nasdaq composite index fell 16.03, or 0.6 percent, to 2,842.80.

For the year to date:

The Dow is up 1,015.29, or 8.8 percent.

The S&P is up 79.79, or 6.3 percent.

The Nasdaq is up 189.93, or 7.2 percent.