Markets: Ongoing US debt fears weigh on Wall Street
Concern over the continuing impasse in negotiations over an increase to the US debt ceiling pushed stocks lower overnight.
With just a week to go until the deadline by which the US debt ceiling should be increased in order to avoid a default, negotiations between the two political parties in Washington have continued to yield little result, prompting investor sentiment over the chances of finding a solution to slide.
Having held what appeared to be productive talks last week, which, along with the news of a new bail-out for Greece, prompted a strong rally on Wall Street, an agreement still seems to be some way off and investor sentiment is suffering across markets.
The Dow Jones industrial average fell 0.7 per cent and 88 points to 12,593, while the Nasdaq composite and S&P 500 fell by close to 0.6 per cent to finish 16 points and eight points down on 2,843 and 1,337 respectively.