Stocks sink as Washington stalemate drags on

Stock market falls with no sign of a thaw in Washington budget stalemate

Associated Press
Stocks fall as government shutdown drags on
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FILE - In this Wednesday, Oct. 2, 2013, file photo, trader Richard Scardino works on the floor of the New York Stock Exchange. Stock futures are falling sharply, Monday, Oct. 7, 2013, as the U.S. government heads into the second week of a partial shutdown with no signs of a budget agreement in sight. (AP Photo/Richard Drew, File)

NEW YORK (AP) -- The stock market is lower as the U.S. government heads into a second week of a partial shutdown with no signs of a budget agreement in sight.

The Dow Jones industrial average was down 76 points, or 0.5 percent, at 14,996 as of noon Eastern time Monday. It was down as much as 151 points in early trading.

The Standard & Poor's 500 index was down seven points, or 0.4 percent, at 1,683. The Nasdaq composite fell 20 points, or 0.5 percent, to 3,787.

The Dow lost 1.2 percent last week as investors became anxious that the budget stalemate in Washington could bring the U.S. closer to defaulting on its debt. Lawmakers have until Oct. 17 to reach a deal on increasing the nation's borrowing limit.

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