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Stocks fall as lawmakers remain at odds over debt

Stocks plunged Wednesday as the U.S. edged closer to defaulting on its debt and the economy showed more signs of deteriorating. Major indexes gave up all of their gains for the month.

By Chip Cutter | Updated on July 27, 2011

NEW YORK (AP) — Stocks plunged Wednesday as the U.S. edged closer to defaulting on its debt and the economy showed more signs of deteriorating. Major indexes gave up all of their gains for the month.

The Dow Jones industrial average fell 198.75 points, or 1.6 percent, to 12,302.55, its biggest one-day drop since early June. It has fallen for four days straight.

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