Washington impasse hits Wall Street

NEW YORK, July 25 (UPI) -- U.S. markets slipped Monday after a deadline on raising the nation's debt ceiling hit another impasse in Washington.

House Speaker John Boehner, R-Ohio, walked out on negotiations Friday, intensifying concerns an agreement would not be reached in time for the Aug. 2 deadline. After Aug. 2, the U.S. Treasury Department has warned, the government could default on some obligations.

The impasse sent investors to safe havens, like gold, which soared to a record, adding $13 to $1,614.50 per troy ounce.

By close of trading on Wall Street, the Dow Jones industrial average shed 88.36 points or 0.70 percent to 12,592.80. The Standard & Poor's 500 index lost 7.59 points 0.56 percent to 1,337.436. The Nasdaq composite index shed 16.03 points or 0.56 percent to 2,842.80.

On the New York Stock Exchange, 575 stocks advanced and 2,475 declined on a volume of 3.3 billion shares traded.

The 10-year treasury note lost 11/32 to yield 3.006 percent.

The euro rose $1.4377 from Friday's $1.4358. Against the yen, the dollar fell to 78.39 yen from Friday's 78.55 yen.

In Tokyo, the Nikkei 225 index lost 0.81 percent, 82.10, to 10,050.01.

In London, the FTSE 100 index dropped 0.16 percent, 9.76, to 5,925.26.