Stocks Fall as Debt Talks Drag on in Washington

By: Associated Press
By: Associated Press

NEW YORK (AP) - Stocks are closing lower as hopes fade for a quick solution to the gridlock in Washington over how to avoid a U.S. government default.

The Dow Jones industrial average fell 133 points, or 0.9 percent, to close at 15,168 points Tuesday.

The Standard & Poor's 500 index fell 12 points, or 0.7 percent, to 1,698. The Nasdaq composite index fell 21 points, or 0.6 percent, to 3,794.

The U.S. is expected to reach its borrowing limit on Thursday, jeopardizing its ability to pay its bills. Meanwhile a partial shutdown of the federal government is in its 15th day.

The market was whipsawed Tuesday as the on-again, off-again talks in Washington left investors wondering whether the U.S. could avoid defaulting on its debt.

Volume was heavy at 3.4 billion shares.

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