Stocks fall as debt talks drag on
Stocks on Wall Street closed lower as hopes fade for a quick solution to the gridlock in Washington over how to avoid a US government default.
The Dow Jones industrial average fell 133 points, or 0.9%, to close at 15,168 points yesterday.
The Standard & Poor's 500 index fell 12 points, or 0.7%, to 1,698. The Nasdaq composite index fell 21 points, or 0.6%, to 3,794.
The US is expected to reach its borrowing limit tomorrow, jeopardising its ability to pay its bills. Meanwhile a partial shutdown of the federal government is in its 15th day.
The market was put under pressure yesterday as the on-again, off-again talks in Washington left investors wondering whether the US could avoid defaulting on its debt.
Volume was heavy at 3.4 billion shares.