Stocks dipped on Monday as lawmakers remained in a standoff over raising the debt ceiling to avoid default, but investors were convinced a compromise will be reached before next week's critical deadline.

The Dow Jones industrial average <.DJI> dropped 88.36 points, or 0.70 percent, to 12,592.80. The Standard & Poor's 500 Index <.SPX> fell 7.56 points, or 0.56 percent, to 1,337.46. The Nasdaq Composite Index <.IXIC> lost 16.03 points, or 0.56 percent, to 2,842.80.

(Reporting by Chuck Mikolajczak)

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