Nervousness abounds as markets tumble
NEW YORK — Investors sent the Standard & Poor's 500 index to its lowest close in a month Monday as few signs emerged of a deal to end the U.S. government shutdown and raise the nation's borrowing limit.
Senate Democrats moved to introduce legislation to raise the nation's debt limit without the unrelated conditions Republicans have said they are seeking. The White House signaled it would accept even a brief extension in borrowing authority to prevent an unprecedented default by the United States.
On Sunday, speaker John Boehner ruled out a vote in the House of Representatives on a straightforward bill to increase the government's borrowing without concessions from President Obama.
Lawmakers have until Oct. 17 to reach a deal on increasing the nation's debt ceiling. Failure to strike a deal could cause the United States to miss payments on its debt. The Treasury warned last week that a default could push the economy into a downturn even worse than the Great Recession.
The Standard & Poor's 500 index dropped 14.38 points, or 0.9 percent, to 1,676.12. The Dow Jones industrial average dropped 136.34 points, or 0.9 percent, to 14,936.24. The Nasdaq composite fell 37.38 points, or 1 percent, to 3,770.38.
The losses were broad. Nine of the 10 industry groups in the S&P 500 dropped. Phone companies were the only sector to advance.
Until now, the stock market has mostly moved sideways since the shutdown began at the start of the month, indicating that investors still expect lawmakers to come up with a deal.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Rural communities can’t shake effects of subprime crisis
- Russian steel to lose duty shelter
- CMU spinoff’s CEO gets council honors
- Calgon Carbon poised for explosive growth
- Market sell-off offers opening
- Amid struggles, top fiscal executive to leave EDMC
- Chevron puts $20M into educating, training Appalachian workers
- Allegheny Technologies reports $700,000 loss in 3Q
- Natrona Bottling Co. keeps soda pop operation focused on craft, taste
- Duquesne University business center helping Hispanic startups
- Stocks rally; S&P 500 has best day of 2014