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Stocks dip as investors wait on Washington

October 8, 2013

NEW YORK (AP) — Stocks are falling again on Wall Street as investors wait to see if Washington can resolve the budget gridlock that is bringing the United States closer to an unprecedented default on its debt.

The impasse over the government shutdown and raising the country’s borrowing limit showed no signs of breaking Tuesday.

House Republicans have insisted that any temporary funding bill contain concessions on President Barack Obama’s health care law.

The Standard & Poors 500 index fell 12 points, or 0.8 percent, to 1,663 as of noon Tuesday. It’s headed for its 11th loss out of the last 14 days.

The Dow Jones industrial average was down 83 points, or 0.6 percent, at 14,853.

The Nasdaq composite fell 57 points, or 1.5 percent, to 3,712.

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