Comments from Senate Majority Leader Harry Reid sent stocks lower on Tuesday. Reid said that he was disappointed with the progress made so far in budget talks and that lawmakers had to move beyond "happy talk" to focus on specifics.
The Dow Jones industrial average fell 89.24, or 0.7 percent, to close at 12,878.13.
The Standard & Poor's 500 index fell 7.35 points, or 0.5 percent, to close at 1,398.94.
The Nasdaq composite fell 8.99 points, or 0.3 percent, to 2,967.79.
For the week:
The Dow is down 131.55, or 1 percent.
The S&P 500 is down 10.21, or 0.7 percent.
The Nasdaq is up 0.94 point, or 0.03 percent.
For the year:
The Dow is up 660.57, or 5.4 percent.
The S&P 500 is up 141.34, or 11.2 percent.
The Nasdaq is up 362.64, or 13.9 percent.