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US stocks slip as debt talks drag on in Washington

US stocks are heading lower as lawmakers continue to work on a deal to avoid a US default and reopen the government.

business Updated: Oct 15, 2013 21:52 IST

US stocks are heading lower as lawmakers continue to work on a deal to avoid a US default and reopen the government.

The Dow Jones industrial average fell 39 points, or 0.3%, to 15,261 as of noon Tuesday.

The Standard & Poor's 500 index was down three points, or 0.2%, at 1,707. The Nasdaq composite index fell four, or 0.1%, to 3,809.

The US is expected to reach its borrowing limit on Thursday, jeopardizing its ability to pay its bills. Meanwhile a partial shutdown of the federal government is in its 15th day.

Eight of the 10 industry groups in the S&P 500 fell, with the biggest declines in utilities and consumer discretionary stocks, a category that includes retailers.

Stocks were mostly higher in Europe.