Stocks open sharply lower as US nears shutdown

NEW YORK (AP) — 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.

WKBN 27 First News provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Commenters who violate these terms, including use of vulgar language or racial slurs, will be banned. No links will be permitted. Please be respectful of the opinions of others. If you see an inappropriate comment, please flag it for our moderators to review.

blog comments powered by Disqus