A sign for Wall Street is seen just outside the New York Stock Exchange.(Photo: Timothy A. Clary, AFP/Getty Images)
NEW YORK (AP) - Investors are selling stocks across the board as a partial U.S. government shutdown drags on and Congress inches toward a deadline on raising the nation's borrowing limit.
As a result of the shutdown, investors will be deprived of the Labor Department's September employment data today. The report has been postponed.
Investors also got some disappointing economic news yesterday.
The Institute of Supply Management said sales fell sharply, new orders dipped and hiring weakened at U.S. service companies.
The stock market losses yesterday marked an acceleration of gradual declines over the last two weeks. Stocks have fallen eight of the last 10 days as investors anticipated that negotiations over the federal budget would fail.
The Dow Jones industrial average fell 137 points, or 0.9 percent, to 14,996 yesterday, its biggest decline since Sept. 20.
The S&P 500 index dropped 15 points, or 0.9 percent, to 1,678 and the Nasdaq composite fell 41 points, or 1.1 percent, to 3,774.
The release of employment data for September from the Labor Department is postponed due to the partial shutdown.