US stocks in the red all day
NEW YORK: US stocks on Monday retreated as a partial US government shutdown loomed due to Washington political gridlock over a new budget.
The Dow Jones Industrial Average was down 128.57 points (0.84 percent) to 15,129.67. The broad-based S&P 500 dropped 10.20 points (0.60 percent) to 1,681.55, while the tech-rich Nasdaq Composite Index gave up 10.12 points (0.27 percent) at 3,771.48.
Stocks were in the red all day, but losses moderated as some investors hoped a last-minute compromise might avert the shutdown, slated for midnight Monday.
"We've seen this movie before and we know it ends," said Alan Skrainka, chief investment officer for Cornerstone Wealth Management. "Lots of drama, lots of excitement, and at the end, they kick the can down the road once again."
Several leading consumer-goods equities fell after European peer Unilever warned of weakening sales in "many" emerging market countries. Dow component Procter & Gamble lost 2.1 percent, Colgate-Palmolive fell 1.1 percent and Kimberly-Clark dipped 0.7 percent.
Some technology stocks faltered, including Oracle (-1.8 percent), Facebook (-2.0 percent) and Apple (-1.2 percent).
But Microsoft was flat and Cisco gained 0.4 percent.
Regeneron Pharmaceuticals rose 2.4 percent after Bank of America Merrill Lynch raised its valuation target following a favorable presentation regarding its eylea drug at this weekend's Retina Society meeting. Eylea treats diabetic macular edema. -- AFP