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Stocks Close Down Sharply On Shutdown, Debt Ceiling Concerns

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NEW YORK, NY - OCTOBER 07: Traders work on the floor of the New York Stock Exchange on October 7, 2013 in New York City. As the impasse continues between the Republicans and Democrats in Washington, the Dow Jones Industrial Average, the S&P 500, and the Nasdaq all dropped by nearly 1% Monday. (Photo by Spencer Platt/Getty Images) | Getty

NEW YORK -- NEW YORK (AP) — The stock market is closing sharply lower as budget gridlock in Washington brings the U.S. closer to a default on its debt.

The impasse over the government shutdown and raising the country's borrowing limit showed no signs of breaking Tuesday.

House Republicans have insisted that any temporary funding bill contain concessions on President Barack Obama's health care law.

The Standard & Poor's 500 index closed down 20 points, or 1.2 percent, to close at 1,655.45. It was the 11th loss in the last 14 days, and the index's biggest drop in six weeks.

The Dow Jones industrial average was down 159 points, or 1.1 percent, to 14,776.53.

The Nasdaq composite fell 75 points, or 2 percent, to 3,694.83, also the largest drop in six weeks.

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