Stock market sinks as shutdown continues

10/3/2013
ASSOCIATED PRESS
  • Wall-Street-368

    Trader Christopher Malloy works on the floor of the New York Stock Exchange Wednesday, Oct. 2, 2013. The stock market is closing slightly lower as investors weigh the possibility that political gridlock may keep the government partially closed for some time. (AP Photo/Richard Drew)

    ASSOCIATED PRESS

    • NEW YORK — The stock market is sliding to its lowest level in a month as a partial shutdown of the U.S. government enters a third day.

    The Standard & Poor’s 500 index dropped 22 points, or 1.3 percent, to 1,671 as of noon, its lowest level since Sept. 9.

    The Dow Jones industrial average fell 184 points, or 1.2 percent, to 14,948. The Nasdaq fell 59 points, or 1.6 percent, to 3,755.

    Industrial companies led the market lower. Boeing fell the most of the 30 companies in the Dow, giving up $2.90, or 2.5 percent, to $114.94.

    Tesla Motors slumped $12.65, or 7 percent, to $168.21 after the electric car company got a rare downgrade from a financial analyst and on news of a fire involving one of its cars.