Stockhouse @ the Bell: Stocks down as debt talks stall

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Top Bullboards post: “Nice find... ATAC is a big player in the Yukon. MCK could make some nice moves in the coming weeks when the story gets to the street. $.10 cents… was beauty this morning.” From coffintrader on the Manson Creek Resources (TSX: V.MCK, Stock Forum) board.

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Top blog: LexLuthor2 believes these two juniors are on the verge of big discoveries in The Lex Corp News Letter blog.

For news about small stocks that made big moves in Monday’s trading, please read the Stockhouse Canadian Small and Micro-cap Stock Report.

Word on Wall Street

“If the debt-ceiling debate is resolved this week, we would expect a minor relief rally,” said Fred Dickson, chief investment strategist at Davidson Cos., in an interview with MarketWatch.

Today In The Markets

TSX lower amid nervousness over U.S. debt limit, RIM cuts; gold hits new record

DJIA	12,592.80	-88.36
NASDAQ	2,842.80	-16.03
S&P500	1,337.43	-7.59
S&P/TSX	13,435.95	-58.68
S&P/TSX Venture	2,036.63	-22.97

Toronto & New York (The Canadian Press) - The Toronto stock market closed lower Monday as talks on a deal to raise the U.S. debt ceiling remain stalled and market heavyweight Research In Motion Ltd.(TSX:RIM) added extra drag as the BlackBerry maker announced big job cuts.

The S&P/TSX composite index was off early lows, as energy and mining stocks gained ground, but still closed down 58.68 points to 13,435.95 while the TSX Venture Exchange slipped 22.98 points to 2,036.63.

New York markets were also lower with the Dow Jones industrials down 88.36 points to 12,592.8.

The Nasdaq composite index dropped 16.03 points to 2,842.8 while the S&P 500 index was down 7.59 points to 1,337.43.

Please click here for the complete U.S. and Canadian market summaries.

After-Hours News

Plum Creek Timber Co., Inc. (NYSE: PCL, Stock Forum)
Plum Creek Timber Co., Inc. announced second quarter earnings of US$44 million, or $0.27 per diluted share, on revenues of $284 million. Earnings for the second quarter of 2010 were $35 million, or $0.21 per diluted share, on revenues of $258 million. "Good results from our Real Estate segment offset weaker than anticipated results from our timber operations," said Rick Holley, Plum Creek's president and chief executive officer. "Sawlog markets in the West and Northeast remained attractive during the second quarter however, sawlog markets in the South continued to be challenging due to extremely dry weather and weak domestic demand."

Ascot Resources Ltd. (TSX: V.AOT, Stock Forum)
Ascot Resources Ltd. announced the temporary delay of its drill program on the Mt. Margaret property in the St. Helens Mining District of Skamania County in Washington State as the United States Forest Service conducts a review of its May 5th, 2011 letter of concurrence with the Company's 2011 Operating Plan.

Over the past year the Company has completed 11 drill holes on the Mt. Margaret property with positive results demonstrating strengthening mineralization at depths below and at widths beyond historic drill results on the property. "We look forward to restarting our drill program again to expand upon the excellent results we have achieved so far," said Bob Evans, Ascot Resources CFO.