July 25, 2011
Stocks pared some of their losses Monday, but remained under pressure as talks to raise the debt ceiling hit another stalemate and the threat of a U.S. rating downgrade and potential default intensified.
The Dow Jones Industrial Average fell, led by BofA [BAC 9.9799 -0.1501 (-1.48%) ] and JPMorgan [JPM 41.61 -0.58 (-1.37%) ], after closing lower in the previous session, offset by disappointing earnings from Caterpillar [CAT 105.50 0.35 (+0.33%) ]. The blue-chip index was was down almost 145 points at its session low.
The S&P 500 and the tech-heavy Nasdaq also declined. The CBOE Volatility Index, widely considered the best gauge of fear in the market, jumped near 19.
Despite the day’s weakness, the three major averages still remain higher for the month of July.
This article was posted: Monday, July 25, 2011 at 8:15 am