Government nears shutdown, stocks drop
NEW YORK — The U.S. stock market dropped early Monday as it became all but certain that the federal government would partially shut down for the first time in 17 years.
In the first 15 minutes of trading, the Dow Jones industrial average dropped 142 points, or 0.9 percent, to 15,124. The Standard & Poor’s 500 slid lost 12 points, or 0.7 percent, to 1,680 and the Nasdaq composite dropped 34 points, or 0.9 percent, to 3,748.
Selling was broad in early trading as all 30 companies in the Dow fell.
Wall Street’s attention is on Washington. Congress and the White House have not reached an agreement to pass what’s known as a continuing resolution to fund the government, with only hours before the midnight deadline. If the government does partially close, it would be the first time since the 21-day government shutdown under President Bill Clinton from late December 1995 to January 1996.