Stocks Plunge as Debt Talks Near Collapse

By: Associated Press
By: Associated Press

New York, NY (AP) - The Dow is closing down 249 points as a
congressional committee appears close to admitting defeat on its
deficit-cutting task.

The group was supposed to reduce the deficit by $1.2 trillion
over the next decade. Its apparent failure signals that Washington
remains gridlocked over crucial fiscal issues.

The stalemate might trigger harsh spending cuts and could cause
another downgrade of the nation's credit rating. It also appears
less likely that Congress will extend a payroll tax cut and
unemployment benefits.

The Dow fell 2.1 percent to 11,547 Monday. The S&P closed down
23 points, or 2 percent, at 1,193. The Nasdaq lost 49, or 1.9
percent, to 2,523.

Five stocks fell for every one that rose on the New York Stock
Exchange. Volume was below average at 4 billion shares.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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