December 11, 2013
Wall Street down after two-week decline as Washington deadlocked
US stocks fell today with the Dow and the S&P 500 adding to their two-week decline as the US government shutdown dragged on with no signs politicians were willing to relax positions over the debt-ceiling limit or budget impasse.
On Wall Street, the Dow Jones industrial average closed down 136.34 points, or 0.90 percent, at 14,936.24. The Standard & Poor's 500 Index slid 14.38 points, or 0.85 percent, at 1,676.12. The Nasdaq Composite Index fell down 37.38 points, or 0.98 percent, at 3,770.38.
European stocks dropped today in thin volumes, with one benchmark index hitting a four-week low as investors fretted over lack of progress in resolving Washington's budget standoff.
Shares in luxury goods makers were among the heaviest fallers after Burberry's CEO was quoted in French daily Les Echos as saying that the slowdown in luxury goods sales in China may constitute a new market trend.
Burberry dropped 1.7 percent, while France's LVMH was down 2.2 percent, and Swiss watch maker Richemont lost 1.6 percent.
At 1035 GMT, the FTSEurofirst 300 index of top European shares was down 0.9 percent at 1,233.01 points, a level not seen since Sept. 10.