Tuesday, August 2, 2011

Ugly Day on Wall Street, Dow Loses 265 Points

Posted By on Tue, Aug 2, 2011 at 5:33 PM

Wall Street shed more than 2 percent of its major indexes today, dropping 265 points by the closing bell.

The last-minute debt ceiling deal hammered out by Congress and signed into law by President Barack Obama didn't have many fans at the New York Stock Exchange as the market fell for a seventh day, the longest losing streak since October 2008.

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As news of the Congressional debt deal flashed across widescreens and smartphones, traders continued to sell, sell and sell some more. The flames of pessimism were fanned a bit more by a report that the economy is getting almost no help from consumer spending. Americans saved more in June and spent less for the first time in almost two years.

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