STOCKS TUMBLE AFTER DEAL HOPES FADE AGAIN: Here's What You Need To Know

First, the scoreboard:

• Dow: 15,183.2, -117.1, -0.7%
• S&P 500: 1,699.6, -10.5, -0.6%
• NASDAQ: 3,796.4, -18.8, -0.4%

And now the top stories:

• Congress continues to fail America. Today was marked by a flurry of headlines reflecting steps forward and steps backward on a budget deal. "It's all fallen apart" on budget talks, said Senator Diane Feinstein at one point. Click Here For Full Coverage Of The Debt Ceiling Deal Talks »
• According to the New York Fed, the Empire State manufacturing index fell to 1.52 in October, down from 6.29 in September. This was worse than the reading of 7 expected by economists. However, the new orders sub-index jumped five points to 7.8. "In general, robust vehicle sales, a recovery in exports and rising order backlogs all bode well for the manufacturing sector in the near term," said Deutsche Bank's Joe LaVorgna.
• Don't Miss: Robert Shiller's Devastating Takedown Of Housing As An Investment Will Have You Renting For The Rest Of Your Life »