Stocks Lower As Investors Watch Washington
NEW YORK (AP) — Stocks are slipping on Wall Street after more tensions flared up in federal budget talks in Washington.
The Dow Jones industrial average and other major market indexes had been little changed in morning trading but took a turn lower after House Speaker John Boehner expressed frustration at how slowly negotiations were going with the White House.
Shortly before midday Thursday the Dow was down 33 points to 13,212 and the S&P was down four points at 1,424. The Nasdaq composite index was down nine at 3,005.
Boehner said the White House was so resistant to cutting spending that it risked pushing the country off the "fiscal cliff." That's a reference to tax increases and government spending cuts that take effect Jan. 1 unless a deal is reached on the budget.