Fears About Debt Fight Obvious On Wall Street

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market reaction Stocks: The Dow lost 198.75 points, or 1.6 percent, to close at 12,302.55, its fourth straight day of losses. Stocks are seen as riskier than other assets and investors sell when they are worried or uncertain about the economy, among other things. U.S. government bonds: The yield on the 10-year Treasury note edged up to 2.97 percent Wednesday from 2.95 percent late Tuesday. The 10- year note is the main Treasury to watch; its yield is a benchmark for rates on mortgages and other kinds of loans throughout the economy. Gold: Gold dropped $1.70 to settle at $1,615.10 per ounce. Unlike many other metals, including silver and copper, there are few commercial uses for gold, but it's seen as an asset that is likely to hold its value. Currencies: The dollar rose slightly against an index of major currencies. But it also sank to a four-month low against the Japanese yen, a record low against the Swiss franc and a nearly 28-year low versus the Australian dollar.

Anxiety about a deadline to raise the nation's debt ceiling swept across Wall Street on Wednesday and drove the Dow Jones industrial average down almost 200 points. With Washington showing no sign it will find a solution, financial planners around the country said their clients were increasingly worried.

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Fears About Debt Fight Obvious On Wall Street

The Dow took a sharp drop during the last two hours of trading and closed down for the fourth session in a row. The declines have grow...

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