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Stocks sink as Washington stalemate drags on

October 7, 2013

NEW YORK (AP) — The stock market is opening sharply lower as the U.S. government heads into a second week of a partial shutdown with no signs of a budget agreement in sight.

The Dow Jones industrial average fell 119 points, or 0.8 percent, to 14,953 after the first few minutes of trading Monday.

The Standard & Poor’s 500 index was down 11 points, or 0.7 percent, to 1,679. The Nasdaq composite fell 20 points, or 0.5 percent, to 3,787.

Banks and health care companies led the declines. All 10 industry sectors in the S&P 500 index fell.

The Dow lost 1.2 percent last week as investors became anxious that the budget stalemate in Washington could bring the U.S. closer to defaulting on its debt.

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