Stocks slip as budget talks falter in Washington

Stocks slip as US heads into a third week of government shutdown and debt deadline approaches

Associated Press
Debt ceiling talks push stocks higher
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In this Wednesday, Oct. 9, 2013 photo, trader Frank O'Connell, right, works, on the floor of the New York Stock Exchange. U.S. futures are down sharply, Monday, Oct. 14, 2013, as the nation heads into the third week of a partial government shutdown. (AP Photo/Richard Drew)

NEW YORK (AP) -- The stock market is slipping after a breakdown in budget talks in Washington brought the nation closer to a potentially disastrous default on its debt.

There was also no immediate hope Monday for reopening the U.S. government, which was entering a third week of partial shutdown.

Negotiations to clear a path for a new budget agreement ended at an impasse over the weekend.

The Dow Jones industrial average was down 31 points, or 0.2 percent, at 15,205 in midday trading Monday.

The Standard & Poor's 500 index was down three points, or 0.2 percent, at 1,700. The Nasdaq composite was down a fraction at 3,791.

Bond trading is closed Monday for Columbus Day.

Earnings season goes into high gear this week. Coca-Cola, Johnson & Johnson and Citigroup report results Tuesday.

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