Stocks Close Lower With Government Shutdown Concerns


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iStock/Thinkstock(NEW YORK) — With little progress in Washington on Day 7 of the partial government shutdown, stocks closed lower Monday as political parties move the economy closer to a debt default.

The Dow Jones Industrial Average closed down at 136 points at 14,936.24. Since the start of the shutdown, the Dow is down 193 points, or 1.28%. The Nasdaq Composite fell 37, ending the day at 3,770.38. The S&P 500 fell 14 points at 1,676.12.

Little progress by lawmakers concerning the budget and debt ceiling made for nervous investors, increasing fears that the government will not be able to meet a mid-month deadline to raise the country’s borrowing limit and avoid a default.

Another result of the shutdown: many data points that investors would typically follow haven’t been released, including the Jobs Report, which was set for last Friday. The Labor Department says it needs three days after the government reopens for business to put the report together.

Copyright 2013 ABC News Radio

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