Financial News for the Business Week Ending 07/29/2011

• U.S. debt ceiling legislation still delayed

• Greek bonds downgraded to one step above default

• Dow Jones Industrial average loses near 500 points or 4 percent

• Second fiscal quarter U.S. GDP 1.3%; lower than expectations

• Jobless claims down just under 2% for second week of July

• Gold reaches new highs over $1,600 per ounce