Stocks sink as debt limit stalemate continues

NEW YORK — A late sell-off wiped out the stock market’s gains Thursday as the stalemate over raising the country’s debt limit continued. The market had been up for much of the day after an unexpected decrease in new applications for unemployment benefits. Stocks sank in the last half-hour of trading after Senate Majority Leader Harry Reid said that a bill to end the stalemate, proposed in the House of Representatives, would fail if it reached the Senate.

By: By Chip Cutter, The Associated Press, The Jamestown Sun