Stocks down at midday
NEW YORK (AP) — Investor worries about a budget fight in Washington are pushing stocks lower for a third straight day.
The U.S. House of Representatives voted Friday to defund President Barack Obama’s health care law, a gesture that reminded Wall Street that the Republican-led House and the Democratic-controlled Senate are poised for a showdown over spending.
The Dow Jones industrial average fell 58 points to 15,392 in midday trading on Monday. The Standard & Poor’s 500 index fell 10 points to 1,699. The Nasdaq composite fell 25 points to 3,749.
The Dow surged 147 points to an all-time Sept. 18 after the Federal Reserve decided to keep its huge economic stimulus program intact. That rally has been erased by anxiety over the budget and debt fight in Washington.