Fears dent Wall Street

US stocks dipped in trading yesterday as lawmakers remained in a standoff over raising the debt ceiling to avoid default, but investors were convinced a compromise will be reached before next week’s critical deadline.

Trading volume, however, was light even for a seasonally quiet period, suggesting investors were holding to the sidelines.

The Dow Jones industrial average was down 88.36 points, or 0.70 per cent, at 12,592.80. The Standard & Poor’s 500 Index was down 7.59 points, or 0.56 per cent, at 1,337.43. The Nasdaq Composite Index was down 16.03 points, or 0.56 per cent, at 2,842.80.