U.S. stocks fell hard Tuesday, posting their longest losing streak since the heart of the 2008 credit crisis, on investor worries about upcoming federal deficit cuts and a likely stall in the recovery.
The S&P 500 posted a new closing low for 2011 and turned negative for the year.
The just-ended battle over hiking the U.S. debt ceiling means the government avoided default, but also rattled investors just coming to grips with a shaky U.S. economy.
“This debate has left a cloud of uncertainty over the market in terms of what it means. The good news is we’re not going to default, the bad news is we don’t know what is coming out of Washington. There’s a loss of confidence and a rethinking of the profit outlook going out a few years,” said Nick Kalivas, equities and fixed-income analyst at MF Global.
Dow Jones Industrial Average
(DJI: ^DJI )| Index Value: | 11,866.62 |
|---|---|
| Trade Time: | 4:04PM EDT |
| Change: |  265.87 (2.19%) |
| Prev Close: | 12,132.49 |
|---|---|
| Open: | 12,129.77 |
| Day's Range: | 11,865.56 -12,130.30 |
| 52wk Range: | 9,915.73 -12,928.50 |
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