Stocks Continue Decline As Budget, Debt Ceiling Debate Stalls
NEW YORK (Oct 8) As the debt-ceiling deadline fast approaches, stocks continue to deteriorate as markets remained focused on the developments in Washington for direction. Shares opened slightly higher but soon gave way to more selling pressure with all three major indices for U.S. equities now in negative territory. Losses are being led by weakness in the telecommunications and precious metal sectors, despite small gains today for gold and silver in commodities trade. But losses today are being kept in check by prospects for an 11th hour deal and the likely rally that would follow, keeping shorts on edge.
By 2:00pm (EST) the Dow Index was down 120 points to 14816, while the NADAQ was hammered 70 to 3700.