Summary Box: Stocks plunge over debt stalemate

AP News
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Posted: Jul 27, 2011 5:34 PM
Summary Box: Stocks plunge over debt stalemate

THE WORRIES: Stocks plunged Wednesday as the U.S. edged closer to defaulting on its debt and the economy showed more signs of deteriorating.

THE LOSSES: Major indexes gave up all of their gains for the month. The Dow is headed for its worst weekly decline in nearly a year and is now 4 percent below the 2011 high it reached on April 29.

INDEXES: The Dow Jones industrial average fell 198.75 points, or 1.6 percent, to 12,302.55. The S&P 500 fell 27.05 points, or 2 percent, to 1,304.89. The Nasdaq composite fell 75.17 points, or 2.6 percent, to 2,764.79.