Stock market falls at midday as investors look ahead to U.S. budget fight

9/20/2013
ASSOCIATED PRESS
Wall-Street-367

Trader F. Hill Creekmore works on the floor of the New York Stock Exchange Wednesday, Sept. 18, 2013. The stock market hit a record high Wednesday after the Federal Reserve's surprise decision to keep its economic stimulus in place. (AP Photo/Richard Drew)

ASSOCIATED PRESS

NEW YORK — The stock market is falling at midday as investors wait for more clarity from the Federal Reserve and look ahead to a budget fight in Washington.

The Dow Jones industrial average fell 62 points to 15,574 at noon today. The Standard & Poor’s 500 index slipped six points to 1,715. The Nasdaq eased five points to 3,783.

The Fed this week shocked markets by leaving in place its bond-buying program. Fed officials are giving speeches today.

Investors are looking ahead to a 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 $2.82, or 6 percent, to $46.50 after reporting lower quarterly profit.