Sunday, July 24, 2011

Stock futures, dollar tumble on no debt deal

Reuter is reporting that a deal to raise the debt limit isn’t going to be reached today. Lawmakers say their deadline for a deal is tomorrow — a point after which Senate and House rules would make it difficult to pass a debt limit increase before the August 2nd deadline….

S&P 500 futures fell at the open of electronic trading as investors grew increasingly worried at the lack of progress. The benchmark S&P was down 1 percent, or 14 points, to 1326.00.

Early currency trading suggested a move away from the dollar, with the biggest drop in the greenback coming against the Swiss franc. In early Asian trading, the dollar dropped to 0.8121 against the Swiss franc, down 0.7 percent….

The decline in futures points to a poor open for U.S. markets....

Find out more at http://www.reuters.com/article/2011/07/24/businesspro-us-markets-global-idUSTRE76N2XJ20110724

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