Stocks slip as debt talks drag on in Washington

10/15/2013

Trader Kenneth Polcari, right, works on the floor of the New York Stock Exchange Tuesday, Oct. 15, 2013.The stock market edged lower early Tuesday even though Republican and Democratic leaders in the Senate reported that a deal over the nation's borrowing limit appears to be getting closer. (AP Photo/Richard Drew)

ASSOCIATED PRESS

NEW YORK — U.S. stocks are heading slightly lower as lawmakers continue to work on a deal to avoid a U.S. default and reopen the government.

The Dow Jones industrial average fell 39 points, or 0.3 percent, to 15,261 as of noon today.

The Standard & Poor’s 500 index was down three points, or 0.2 percent, at 1,707. The Nasdaq composite index fell four points, or 0.1 percent, to 3,809.

The United States is expected to reach its borrowing limit on Thursday, jeopardizing its ability to pay its bills. Meanwhile a partial shutdown of the federal government is in its 15th day.

Eight of the 10 industry groups in the S&P 500 fell, with the biggest declines in utilities and consumer discretionary stocks, a category that includes retailers.

Stocks were mostly higher in Europe.