U.S. Stocks Pare Advance on Concern Debt-Ceiling Deal Will Fail
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U.S. stocks pared gains, almost erasing a 164-point rally in the Dow Jones Industrial Average, after the Associated Press reported that House Speaker John Boehner said it’s a “crapshoot” whether the federal debt limit will be boosted if an agreement isn’t reached by Aug. 2.
AP later updated its story, quoting Boehner as saying “it’s a crapshoot” to determine what would happen if the limit isn’t increased. The Standard & Poor’s 500 Index advanced 0.3 percent to 1,317.72 at 4 p.m. in New York. Earlier, it climbed