Bloomberg News

U.S. Stocks Pare Drop, Dollar Index Retreats From Session High

August 01, 2011

Aug. 1 (Bloomberg) -- U.S. stocks trimmed declines and the Dollar Index retreated from its high for the session as lawmakers predicted a debt-limit agreement will be approved in Congress.

The Standard & Poor’s 500 Index slipped 0.4 percent to 1,286.96 at 3:28 p.m. in New York after slumping as much as 1.4 percent earlier. The Dow Jones Industrial Average was down 20.06 points, or 0.2 percent, at 12,123.18 after sliding 145 points. The Dollar Index, a gauge of the currency against six major peers, rose 0.5 percent to 74.260 after climbing as much as 0.9 percent earlier.

Republican leaders and the Obama administration voiced optimism that Congress will pass a compromise plan to raise the U.S. debt limit by at least $2.1 trillion and slash federal spending by $2.4 trillion or more. The House plans to vote today on the agreement. Senate Majority Leader Harry Reid said a Senate vote “could happen either tonight or tomorrow.”

--Editor:

To contact the editor responsible for this story: Michael P. Regan at mregan12@bloomberg.net


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