NEW YORK (CNNMoney) -- Washington's inaction regarding the debt ceiling cost investors nearly three-quarters of a trillion dollars in this week -- at least on paper.
This week's rout erased $700 billion worth of market capitalization, according to financial data company Wilshire, which owns the Wilshire 5000 Index. That index, which tracks every actively-traded stock in the United States, posted a loss of 4.2% for the week. The Dow fell 4.2% for the week, while the S&P declined 3.9%.
While paper losses and gains come and go as stocks fluctuate, this was the worst week for investors in more than a year.
It's doubtful that most investors believe the U.S. will fail to raise the debt ceiling and default on its obligations, but Congress and the White House remain far away from reaching an agreement before the August 2 deadline.
|Regulators pave way for Internet "fast lane" with net neutrality rules|
|What stumps Warren Buffett? Minimum wage|
|Apple shares soar on increased buyback|
|Facebook profit triples on mobile growth|
|Obama fails to secure breakthrough in Japan trade talks|
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||4.28%||4.41%|
|15 yr fixed||3.30%||3.33%|
|30 yr refi||4.31%||4.39%|
|15 yr refi||3.35%||3.31%|
Today's featured rates: