Stocks lose $700B in value this week

July 29, 2011: 6:10 PM ET
U.S. stock market

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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.

"We can politically posture all we want, and saber rattle we want, but we gotta gotta come up with some compromise soon," said Phil Orlando, market strategist with Federated Investors. To top of page

Index Last Change % Change
Dow 17,098.45 18.88 0.11%
Nasdaq 4,580.27 22.58 0.50%
S&P 500 2,003.37 6.63 0.33%
Treasuries 2.34 0.01 0.39%
Data as of 5:03pm ET
Company Price Change % Change
Bank of America Corp... 16.09 0.08 0.50%
Apple Inc 102.50 0.25 0.24%
Intel Corp 34.92 0.27 0.78%
Facebook Inc 74.82 0.96 1.31%
General Electric Co 25.98 -0.03 -0.12%
Data as of Aug 29
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.07%4.28%
15 yr fixed3.18%3.26%
5/1 ARM3.36%3.43%
30 yr refi4.05%4.21%
15 yr refi3.17%3.18%
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