“U.S. stocks tumbled Tuesday on signs of any progress toward a budget deal unraveling, two days before the nation is expected to hit its debt limit,” Kate Gibson reports for MarketWatch.
“At a news conference held after a closed-door session, House Republican leaders said they were still working to find a way to end the partial government shutdown and raise the debt limit,” Gibson reports. “House Speaker John Boehner said lawmakers were trying to find a bipartisan way forward. As House Republicans worked on an alternative to a bipartisan measure expected from the Senate, NBC News reported Senate budget negotiations had been postponed as senators wait to first see the House GOP plan before proceeding.”
“The Dow Jones Industrial Average dropped 133.25 points, or 0.9%, to 15,168.01, with Home Depot Inc. [HD +0.15%] pacing losses that included 28 of its 30 components,” Gibson reports. “A day after closing at a three-week high, the S&P 500 index fell 12.08 points, or 0.7%, to 1,698.06. The Nasdaq Composite declined 21.26 points, or 0.6%, to 3,794.01. Shares of Apple Inc. gained 0.5% after the iPhone maker said it hired Angela Ahrendts, currently chief executive of Burberry Group PLC, to be its new retail chief.”
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