The Dow Jones industrial average dropped for the fourth day in five, closing at its lowest level in six weeks, as investors waited for further developments from Washington where political gridlock is bringing the nation closer to a potentially calamitous default. The Standard & Poor’s 500 index also dropped, falling the most in more than a month.
The Dow Jones industrial average fell 159.71 points, or 1.1 per cent, to close at 14,776.53.
The S&P 500 declined 20.67 points, or 1.2 per cent, to 1,655.45.
The Nasdaq composite dropped 75.54 points, or 2 per cent, to 3,694.83.
For the week:
The Dow is down 296.05 points, or 2 per cent.
The S&P 500 is down 35.02 points, or 2.1 per cent.
The Nasdaq is up 112.92 points, or 3 per cent.
For the year so far:
The Dow is up 1,672.39 points, or 12.8 per cent.
The S&P 500 is up 229.26 points, or 16.1 per cent.
The Nasdaq is up 675.32 points, or 22.4 per cent.