Wall Street reacted gleefully to Washington’s Sunday-night debt compromise, opening 139 points up on Monday morning. But just as quickly, a weak manufacturing report sent it tumbling again, reversing every gain and sending the index into negative territory. The sharp fall, besides being a reaction to the weak report, could also portend some lingering fears about the potential U.S. default. Some investors are skeptical that the debt deal, which pushes most painful decisions down the road, won’t have much of an impact on long-term fiscal issues.
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