Stock market news today: Nasdaq, Dow dive as debt-ceiling talks continue

US stocks dropped Tuesday with no word yet from the White House or Republicans on whether any more progress has been made on a deal to steer the country away from a potential debt default.

The Dow Jones Industrial Average lost ground for a second consecutive day, and the Nasdaq Composite was knocked lower after logging its highest close of the year in the previous session. Investors appeared spooked by the lack of movement from Democrats and Republicans over reaching a deal to raise the $31 trillion debt ceiling. Treasury Secretary Janet Yellen has said the government will run out of cash to pay bills as soon as June 1.

Looking for ways to conserve cash, the Treasury Department has asked government agencies whether they can make upcoming payments at a later date,

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