How the major stock indexes fared Thursday

AP News
Posted: Jul 28, 2011 5:56 PM
How the major stock indexes fared Thursday

A late sell-off wiped out the stock market's gains Thursday as investors worried that a bill headed for a vote in the House of Representatives would fail to break a stalemate over raising the country's debt limit.

The market was up for much of the day but started to sink in the last half-hour of trading. Senate Majority Leader Harry Reid said in the afternoon that the House bill wouldn't get a single Democratic vote in the Senate, meaning it would fail.

"That gave a catalyst for selling," said Quincy Krosby, market strategist at Prudential Financial.

The Dow Jones industrial average fell 62.44 points, or 0.5 percent, to close at 12,240.11.

The Standard & Poor's 500 fell 4.22, or 0.3 percent, to 1,300.67.

The Nasdaq composite index edged up 1.46, or 0.1 percent, to 2,766.25

For the week:

The Dow is down 441.05 points, or 3.5 percent.

The S&P 500 is down 44.35 points, or 3.3 percent.

The Nasdaq is down 92.58 points, or 3.2 percent.

For the year to date:

The Dow is up 662.60, or 5.7 percent.

The S&P is up 43.03, or 3.4 percent.

The Nasdaq is up 113.38, or 4.3 percent.