Stocks slip as budget talks falter in Washington

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Associated Press

Posted on October 14, 2013 at 11:02 AM

Updated Monday, Oct 14 at 11:04 AM

NEW YORK (AP) — The stock market is slipping after a breakdown in budget talks in Washington brought the nation closer to a potentially disastrous default on its debt.

There was also no immediate hope Monday for reopening the U.S. government, which was entering a third week of partial shutdown.

Negotiations to clear a path for a new budget agreement ended at an impasse over the weekend.

The Dow Jones industrial average was down 31 points, or 0.2 percent, at 15,205 in midday trading Monday.

The Standard & Poor's 500 index was down three points, or 0.2 percent, at 1,700. The Nasdaq composite was down a fraction at 3,791.

Bond trading is closed Monday for Columbus Day.

Earnings season goes into high gear this week. Coca-Cola, Johnson & Johnson and Citigroup report results Tuesday.

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