Global stocks fall on US debt concerns
Stocks ended the worst week in a year as time runs out on Washington to reach agreement before the US government loses its ability to borrow money.
The Dow Jones industrial average was down 96.87 points, or 0.79 percent, at 12,143.24. The Standard & Poor's 500 Index was down 8.39 points, or 0.65 percent, at 1,292.28. The Nasdaq Composite Index was down 9.87 points, or 0.36 percent, at 2,756.38.
European shares fell and suffered their biggest weekly loss since March after US GDP data came in weaker than expected, while disappointing company results added to the pressure on stock prices.
The pan-European FTSEurofirst 300 index of top shares closed down 0.7 percent at 1,082.12 points having earlier hit a low of 1,069.53. The index ended the week 2.7 percent lower and down 2.6 percent in July.
Tokyo stocks fell, losing ground for a third straight day as the deadlock over raising the US debt ceiling pushed the yen higher while Nintendo plunged as much as 20 percent on a crumbling earnings outlook. The benchmark Nikkei dropped 0.7 percent to 9,833.03, after falling to as low as 9,824.34 after the yen edged higher. The benchmark is below its 25-day moving average around 9,940 and 200-day average around 9,924.
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