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% 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.
The S&P 500 fell 47.05 points, or 1.1%, to 4,145.58.
The Dow Jones Industrial Average fell 231.07 points, or 0.7%, to 33,055.51.
The Nasdaq composite fell 160.53 points, or 1.3% to 12,560.25.
The Russell 2000 index of smaller companies fell 7.67 points, or 0.4%, to 1,787.71.
For the week:
The S&P 500 is down 46.40 points, or 1.1%.
The Dow is down 371.12 points, or 1.1%.
The Nasdaq is down 97.65 points, or 0.8%.
The Russell 2000 is up 14 points, or 0.8%.
For the year:
The S&P 500 is up 306.08 points, or 8%.
The Dow is down 91.74 points, or 0.3%.
The Nasdaq is up 2,093.76 points, or 20%.
The Russell 2000 is up 26.47 points, or 1.5%.