GLOOMY

Dow Tanks Amid Economic Angst

Moody's affirms AAA rating, but with negative outlook.

Not even the passing of a debt-ceiling deal was enough to quell investor anxiety about the current state of the U.S. economy. The Dow dropped more than 100 points during the final hour of trading on Tuesday. The stock market entered its longest losing streak in almost three years, while the Standard & Poor's 500-stock index closed at a record low for 2011. The blue-chip index also went into its eighth consecutive decline. Low consumer-spending figures and boosts in Americans' savings rates during the month of June are two signs that the economy is truly in a slump. To top it all off, Friday's employment report is also expected to be gloomy. Meanwhile, Moody's affirmed the U.S.'s AAA rating, but with a negative outlook.