Stocks drop on political jitters

Summary of business headlines: Stocks down on debt concerns but gold rises; Moody's cuts Greek debt rating; Blackberry cuts 11 percent of workforce, Kimberly-Clark puts out cautious outlook on strong earnings.

USA-BUSINESS UPDATE - Stocks were under pressure in Monday trading as the U.S. moves closer to losing its coveted triple A credit rating as the debt talks continues.

Gold hitting new records on the news and is on track for its biggest monthly gain since April.

Also rattling investors: Moody's cut Greece's sovereign debt by three notches on Monday, to only one level above default.

BlackBerry maker Research in Motion plans to cut 11 percent of its workforce. That works out to about 2,000 jobs. The company is cutting costs to better compete against Apple and Google.

Kimberly-Clark, maker of Scott tissue, Kleenex and Huggies diapers and many other consumer products reported better than expected second quarter results. But higher prices for oil based materials is hurting the company. They said 2011 earnings could come in at the lower end of forecasts.

Bobbi Rebell, Reuters.