Stocks Ended with Slight Loss

U.S. stocks lurched their way to a slight closing loss Monday on renewed angst about Washington’s ability to reach a deal on raising the U.S. debt ceiling and following disappointing news from the manufacturing sector. The Dow Jones Industrial Average ended down 10.75 points, or 0.09%, to 12,132.49, down for a seventh day. The S&P 500 lost 5.34 points, or 0.41%, to 1,286.94. The Nasdaq Composite fell 11.77 points, or 0.43%, to 2,744.61.

Congressional leaders scrambled for enough support from skeptical lawmakers on Monday to push through an 11th-hour deal to raise the U.S. borrowing limit and avert a potentially devastating debt default.

U.S. manufacturing activity barely grew in July, according to a key index released Monday in a demonstration of an economy struggling to expand. The Institute for Supply Management’s manufacturing gauge in July dropped 4.4 points to 50.9%, the worst reading since July 2009 and barely staying above the 50% no-change line.

Oil fell Monday as early enthusiasm about a deal on the nation’s debt ceiling turned to concern about the global economy following weak readings on U.S. and Chinese manufacturing. Benchmark West Texas Intermediate crude for September delivery fell 81 cents to settle at $94.89 per barrel on the New York Mercantile Exchange.

Sony Corp will devise plans this month to reform its poor-performing television segment and even consider teaming up with other firms, the Nikkei business daily reported.The company, which expects an even bigger operating loss at its television segment this fiscal, will review everything from development, production and sales.

Ford Motor Co. is recalling 1.1 million pickup trucks because the gas tanks can fall off and cause fires. The National Highway Traffic Safety Administration said Monday on its website that the metal straps holding the tanks can rust, allowing them to fall, rupture and catch fire.

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