U.S. stocks drop on diminished hope for debt deal

NEW YORK (MarketWatch) – U.S. stocks declined, halting a four-session winning run by the Dow industrials and the S&P 500, as hopes for averting a government default diminished. “I can’t imagine anybody wants to get this much closer to the deadline and not move forward with something that is passable,” said Art Hogan, market strategist at Lazard Capital Markets, referring to the expiration of U.S. borrowing authority on Thursday. The Dow Jones Industrial Average (DJI JIA) was down 133.25 points, or 0.9%, at 15,168.01. The S&P 500 index (SNC:SPX) slid 12.08 points, or 0.7%, to 1,698.06. The Nasdaq Composite (NASDAQ:COMP) dropped 21.26 points, or 0.6%, to 3,794.01.