Stocks open sharply lower as US nears shutdown

Associated Press

Published: Monday, Sept. 30 2013 8:43 a.m. MDT

Trader Gregory Rowe on the floor of the New York Stock Exchange Tuesday, May 28, 2013.

Richard Drew, Associated Press

Enlarge photo»

NEW YORK — The stock market is down sharply in early trading as the U.S. federal government appears headed for a partial shutdown.

The Dow Jones industrial average dropped 150 points to 15,107 shortly after the stock market opened Monday. The Standard & Poor's 500 index slid 15 points to 1,676. The Nasdaq composite tumbled 42 points to 3,739.

Investors are focused on the growing likelihood of a partial shutdown of the government on Tuesday unless Congress agrees to a new budget. There is little evidence of a thaw between the Democratic-controlled U.S. Senate and Republican-led House of Representatives over a budget.

Even if that hurdle is cleared, the Congressional dispute is poised to continue into the middle of October as legislators debate raising the nation's borrowing limit.

Get The Deseret News Everywhere

Subscribe

Mobile

RSS