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NEW YORK (CNNMoney)
The Dow slid below 15,000, a psychologically important level, for the first time in almost a month. The Nasdaq and S&P 500 also declined sharply.
Meetings at the White House between congressional leaders and President Obama have failed to produce a breakthrough, and the government has entered its third day of a shutdown. That's making investors jittery. The Dow and S&P 500 have dropped for eight of the past 10 trading days, and CNNMoney's Fear & Greed index has slid into Extreme Fear mode.
"I think probably at the beginning of the week people didn't think it would take so long to sort out," said David Jones, chief market strategist at IG Markets in London. "The fact that it's dragged on is making people a little bit nervous."
More troubling for Wall Street is the risk that the political stalemate could prevent the debt ceiling from being raised, meaning the government may not be able to pay all its bills later this month.
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What's moving: Tesla's stock continued to fall Thursday morning after a fiery crash near Seattle, Wash., which sparked concerns about the safety of the car maker's Model S sedan. Tesla (TSLA)said the fire happened after the car crashed into a "large metallic object."
Shares of Angie's List (ANGI) tumbled on concerns that the customer review site is hitting a rough patch. The company's chief technology officer left abruptly last week and now the website has drastically reduced its membership prices. Other Internet stocks that have been red hot lately, such as Priceline (PCLN), Yahoo (YHOO, Fortune 500), Netflix (NFLX) and Facebook (FB), pulled back Thursday too.
Related: Countdown to a debt ceiling default
Herbalife (HLF) shares are down almost 8%, even though hedge fund manager Bill Ackman disclosed he has recently restructured his short position on the nutritional supplement company to lessen his risk. The stock has more than doubled this year, making Ackman's bet a huge loser on paper.
United Technologies (UTX, Fortune 500) shares were down after the defense contractor announced that it would likely furlough 2,000 workers starting next week, thanks to the government shutdown. About 800,000 federal employees have already been furloughed.
Asian and European markets ended mixed.
First Published: October 3, 2013: 9:55 AM ET
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