Markets jittery as Congress meets to tackle debt ceiling crisis

The S&P 500 index dropped 2% yesterday, its biggest fall in almost two months, while the Dow Jones fell 1.59% and the Nasdaq dropped 2.65% to 2,765. US congressional leaders need to made a decision on the debt ceiling limit by  August 2, or risk a default. European markets opened slightly down this morning in reaction to continued concerns over the US and the eurozone. London's FTSE 100 opened 0.51% down at 5,826, while the French Cac and the German Dax also lost 0.81% and 1.1% respectively, to 3,703 and 7,173 The cost of buying insurance against a default rose to record levels ...