Stocks slid on Wall Street as the U.S. government creeps closer to the edge of a potentially disastrous default on its debt.
The S&P 500 fell 1.1 percent Tuesday as Democrats and Republicans still haven’t agreed on a deal to keep the U.S. government from running out of cash. Washington is facing a deadline as early as June 1. The Dow Jones Industrial Average and Nasdaq composite also fell.
The stock market has remained resilient despite the debt-ceiling drama, but a worry among investors is that Washington may not feel urgency to act until markets shake enough to show the stakes.
On Tuesday, May 23:
The S&P 500 fell 47.05 points, or 1.1 percent, to 4,145.58.
The Dow Jones Industrial Average fell 231.07 points, or 0.7 percent, to 33,055.51.
The Nasdaq composite fell 160.53 points, or 1.3 percent to 12,560.25.
The Russell 2000 index of smaller companies fell 7.67 points, or 0.4 percent, to 1,787.71.
For the week:
The S&P 500 is down 46.40 points, or 1.1 percent.
The Dow is down 371.12 points, or 1.1 percent.
The Nasdaq is down 97.65 points, or 0.8 percent.
The Russell 2000 is up 14 points, or 0.8 percent.
For the year:
The S&P 500 is up 306.08 points, or 8 percent.
The Dow is down 91.74 points, or 0.3 percent.
The Nasdaq is up 2,093.76 points, or 20 percent.
The Russell 2000 is up 26.47 points, or 1.5 percent.
