Stocks drop on budget fight worries
NEW YORK (AP) — The stock market is closing sharply lower as investors worry about a looming budget fight in Washington.
The Dow Jones industrial average slid 185.46 points to close at 15,451.09 Friday. The sell-off erased the big rally from earlier this week, when the Federal Reserve left its huge economic stimulus program intact.
The Standard & Poor’s 500 index fell 12 points to close at 1,709.91 The Nasdaq composite fell 14 points to 3,774.73
Investors are concerned about a brewing budget fight in Washington. To keep the government running, Congress must pass a short-term spending bill before the fiscal year starts Oct. 1.
Darden, the parent of Olive Garden and Red Lobster, fell $3.52, or 7 percent, to close at $45.78 after reporting lower quarterly profit