Traders Richard Cohen, left, and Lewis Vande-Pallen, right, work on the floor of the New York Stock Exchange Monday, Nov. 21, 2011. Stocks are taking a sharp fall in early trading Monday amid reports that a congressional committee will fail to agree on a plan to cut the U.S. government's budget deficit.(AP Photo/Richard Drew)
Traders Richard Cohen, left, and Lewis Vande-Pallen, right, work on the floor of the New York Stock Exchange Monday, Nov. 21, 2011. Stocks are taking a sharp fall in early trading Monday amid reports that a congressional committee will fail to agree on a plan to cut the U.S. government's budget deficit.(AP Photo/Richard Drew)
Specialists James Denaro, Christopher Culhane, and Glenn Carell, left to right, work on the floor of the New York Stock Exchange Monday, Nov. 21, 2011. Stocks are taking a sharp fall in early trading Monday amid reports that a congressional committee will fail to agree on a plan to cut the U.S. government's budget deficit.(AP Photo/Richard Drew)
Traders work on the floor of the New York Stock Exchange Monday, Nov. 21, 2011. Stocks are taking a sharp fall in early trading Monday amid reports that a congressional committee will fail to agree on a plan to cut the U.S. government's budget deficit.(AP Photo/Richard Drew)
NEW YORK (AP) ? Stocks are plunging at midday after Congress' latest bid to resolve the federal budget gridlock appeared to fail.
The Dow Jones industrial average is down 327 points, or 2.8 percent, at 11,469 shortly before noon Eastern. The Standard & Poor's 500 index is down 31, or 2.5 percent, at 1,185. The Nasdaq composite index is down 67, or 2.6 percent, at 2,506.
A 12-member bipartisan panel was assigned to cut $1.2 trillion from the federal deficit by Wednesday. The panel appeared ready to admit failure on Monday. That could lead to broad, automatic cuts from military and social spending.
Uncertainty about government spending drags on the economy because the private sector is growing so slowly. Traders also fear that Europe's debt crisis might spill over, disrupting the fragile U.S. recovery.
Associated Pressblackberry outage blackberry outage seal beach ca seal beach seal beach bhutan zip code finder
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.