Markets show nerves over
US debt impasse
July-25-2011--WASHINGTON - US stock markets sank and gold soared Monday as there was still no sign of a plan to raise the US debt cap, eight days before the country could be forced into default. Dow blue chips fell 0.7 percent and the S&P 500 lost 0.6 percent as Democratic and Republican lawmakers remained far apart on a deficit-cutting plan that would allow the country to keep borrowing and honor its commitments.
Gold and the Swiss franc -- popular safe-havens when both the dollar and the euro are looking risky -- both jumped.
Gold pushed up to a record $1,624 an ounce before falling back slightly to $1,614, and the greenback lost 1.6 percent to the Swiss franc, buying 0.8058 francs compared to 0.8185 francs late Friday.
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