Stocks slip as U.S. heads into a third week of government shutdown and debt deadline approaches

10/14/2013
ASSOCIATED PRESS
Wall-Street-Premarket-183

In this Wednesday, Oct. 9, 2013 photo, trader Frank O'Connell, right, works, on the floor of the New York Stock Exchange. U.S. futures are down sharply, Monday, Oct. 14, 2013, as the nation heads into the third week of a partial government shutdown. (AP Photo/Richard Drew)

ASSOCIATED PRESS

NEW YORK — The stock market is slipping after a breakdown in budget talks in Washington brought the nation closer to a potential  default on its debt.

There was also no immediate hope today 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 at an impasse over the weekend.

The Dow Jones industrial average was down 31 points, or 0.2 percent, at 15,205 in midday trading today.

The Standard & Poor’s 500 index was down three points, or 0.2 percent, at 1,700. The Nasdaq composite was down a fraction at 3,791.

Bond trading is closed today for Columbus Day.

Earnings season goes into high gear this week. Coca-Cola, Johnson & Johnson, and Citigroup report results Tuesday.