Stocks Fall As Budget Talks Falter In Washington [VIDEO]
Stocks are opening lower on Wall Street after a breakdown in budget talks brought the nation closer to a potentially disastrous default on its debt.
There was also no immediate hope for reopening the U.S. government, which was entering a third week of partial shutdown. Negotiations to clear a path for a new budget agreement ended Sunday at an impasse.
The Dow Jones industrial average was down 66 points, or 0.4 percent, at 15,170 in early trading Monday. The Standard & Poor’s 500 index was down seven points, or 0.4 percent, at 1,695. The Nasdaq composite lost 14 points, or 0.4 percent, to 3,777.
Earnings season goes into high gear this week. Coca-Cola, Johnson & Johnson and Citigroup report results Tuesday.
Bond trading is closed Monday for Columbus Day.
Sen. Corker says parties need to be on ‘same page’
A Senate Republican says there’s plenty of blame to go around for the partial government shutdown and specter of default.
Sen. Bob Corker of Tennessee says he hopes Democrats and Republicans are “getting on the same page” and can find an agreement before Thursday’s default deadline.
Corker, who has been a key player in previous negotiations, tells NBC’s “Today” show he believes the strategy of tea party-supported House Republicans to demand a retreat on the new health care law was “not one that bore fruit.”
But he charges that Senate Democrats, led by Nevada’s Sen. Harry Reid, engaged in “overreach” Sunday in trying to get the GOP to undo or roll back the automatic spending cuts known as a sequester. Corker said, “I don’t really focus on who gets blamed.”
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