Stock market stumbles after weak US hiring news

AP News
Posted: Oct 02, 2013 11:53 AM
Stock market stumbles after weak US hiring news

NEW YORK (AP) — The stock market is falling as a partial shutdown of the US government continues and after a payroll company reported weak hiring last month.

The Dow Jones industrial average was down 85 points, or 0.6 percent, at 15,106 as of noon Eastern time Wednesday. It fell as much as 147 points earlier.

The Standard & Poor's 500 index was down seven points, or 0.4 percent, at 1,688. The Nasdaq composite fell 11 points, or 0.3 percent, to 3,807.

The yield on the 10-year Treasury note fell to 2.60 percent from 2.65 percent late Tuesday.

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Defense contractors were among the biggest losers as investors worried that the government shutdown wouldn't be resolved quickly.

Raytheon fell $2.04, or 2.6 percent, to $75.76 and Lockheed Martin fell $3.08, or 2.4 percent, to $124.41.