New York • Stocks are lower on Wall Street in early trading Monday after a breakdown in budget talks brought the nation closer to a potentially disastrous default on its debt.
The Dow Jones industrial average was down 70 points, or 0.5 percent, at 15,166 after the first half-hour of trading Monday. The Standard & Poor's 500 index was down eight points, or 0.5 percent, at 1,695. The Nasdaq composite fell 14 points, or 0.4 percent, to 3,778.
The United States will reach the limit of its borrowing authority on Thursday, according to estimates from the Treasury Department. If the debt ceiling is not raised, investors fear the U.S. could default on its borrowings in the coming weeks.