BUSINESS

US stocks move lower as investors wait for Washington to edge away from default risk

10/08/2013 12:24 EDT | Updated 12/08/2013 05:12 EST
NEW YORK, N.Y. - Stocks are falling again on Wall Street as investors wait to see if Washington can resolve the budget gridlock that is bringing the United States closer to an unprecedented default on its debt.

The impasse over the government shutdown and raising the country's borrowing limit showed no signs of breaking Tuesday.

House Republicans have insisted that any temporary funding bill contain concessions on President Barack Obama's health care law.

The Standard & Poors 500 index fell 12 points, or 0.8 per cent, to 1,663 as of noon Tuesday. It's headed for its 11th loss out of the last 14 days.

The Dow Jones industrial average was down 83 points, or 0.6 per cent, at 14,853.

The Nasdaq composite fell 57 points, or 1.5 per cent, to 3,712.