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Debt Ceiling Deal Didn't Inspire Investors

Comstock/Thinkstock(NEW YORK) -- The buzz on Wall Street before the opening bell Monday was that it was going to be a good day, thanks to the announcement by President Obama the evening before that a deal had been struck to raise the nation's $14.3 trillion debt ceiling.

Investors needed a lift too, given that the Dow Jones Industrial Average had fallen more than 500 points the week before due to uncertainty about the Treasury Department being able to pay its bills after August 2.

Unfortunately, there wasn’t much of a change on Monday.

The euphoria that resulted from the good news out of Washington evaporated in a matter of minues, quashed by the reality that the economic recovery is still tepid and shows no signs of quick improvement.

One sign that America's financial state is still woeful was a report from the Institute for Supply Management that showed American manufacturing in July growing at its slowest pace since 2009. At the closing bell, the Dow, which only showed a little life at the beginning of the trading day, wound up down 11 points.

Copyright 2011 ABC News Radio

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