US

Stocks fall on Wall Street over fears of US government debt default

It comes as Fitch Ratings placed the US on credit watch, a sign of unease about the country’s ability to avert a first-ever default

The main US stock index is on track for its worst week in more than two months as the once-unthinkable creeps closer to possibility. Picture: Getty

Wall Street fell again on Wednesday as stocks tumbled worldwide on worries about the economy.

The S&P 500 dropped 0.7 per cent after House Speaker Kevin McCarthy said Republicans and Democrats remain “far apart” in their efforts to prevent a potentially disastrous default on the US government’s debt.

McCarthy has since offered a more optimistic view. The House Speaker said he was hopeful White House and GOP negotiators would reach a deal in time to ...