Wall Street doesn't seem to have any faith in the debt ceiling deal. Of course if the real purpose was to destroy the economy and the government: The teabaggers seem to be victorious.
Dow Falls Despite Senate Debt-Ceiling Vote
Updated: August 2, 2011 | 4:19 p.m.
The Dow Jones industrial average fell more than 200 points by the end of Tuesday’s trading, dipping below 12,000, according to the Associated Press. And the Standard & Poor’s 500 index lost nearly all of its gains for the year by early afternoon.
"The market is starting to wonder where the growth is going to come from," Nick Kalivas, a vice president of financial research at MF Global, told AP. "It hasn't hit the panic button yet, but that's where we're drifting."
Stocks fell even after the Senate passed, and President Obama signed into law, the debt-ceiling legislation. The good news to investors worried about the debt ceiling was outweighed by concerns over the U.S. economy, reflected in a series of reports that have been released during the past few days indicating weaknesses. Also weighing on investors are poor recent earnings by several large companies.
