Business

Oct 2, 2013 5:20 PM by Posted by Bill Folsom

Stock market closes down as government gridlock continues

NEW YORK (AP) - The stock market is closing slightly lower as investors weigh the possibility that political gridlock may keep the government partially closed for some time.

Investors were also discouraged by hiring last month that was weaker than many expected.

The Dow Jones industrial average fell 58 points, or 0.4 percent, to 15,133 Wednesday. It was down as much as 147 points earlier.

The Standard & Poor's 500 index fell a point, or 0.1 percent, to 1,693. The Nasdaq composite fell three points, or 0.1 percent, to 3,815.

Defense contractors fell as investors worried that the government shutdown, which entered its second day Wednesday, wouldn't be resolved quickly.

More stocks fell than rose on the New York Stock Exchange. Trading volume was average at 3.1 billion shares.

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