By: JeeYeon Park | CNBC.com Stock Market Writer
Stocks finished sharply lower for a
second session Tuesday, with major averages hitting one-month lows, as
investors digested comments from President Barack Obama on the ongoing
political impasse in Washington.
In a press conference, President Obama said he has yet to see serious proposals from the Republicans that would allow both sides to resolve their core differences.
"So my suggestion to the Speaker has been and will continue to be: 'Let's stop the excuses, let's take a vote in the House, and let's end this shutdown right now'...There are enough reasonable Democrats and Republicans in the house who are willing to vote 'yes' on the budget that the Senate had already passed."
The Dow Jones Industrial Average dropped 159.71 points, or 1.07 percent, to close at 14,776.53, dragged by Visa and IBM. The Dow has tumbled nearly 6 percent since hitting its record high of 15,709.58 on Sept. 18.
The S&P 500 declined 20.67 points, or 1.23 percent, to end at 1,655.45. And the Nasdaq tumbled 75.54 points, or 2 percent, to finish at 3,694.83.
The Dow and S&P 500 have fallen for the 11th time in the last 14 trading sessions.
The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, jumped above 20. The index has surged nearly 23 percent in October alone
In a press conference, President Obama said he has yet to see serious proposals from the Republicans that would allow both sides to resolve their core differences.
"So my suggestion to the Speaker has been and will continue to be: 'Let's stop the excuses, let's take a vote in the House, and let's end this shutdown right now'...There are enough reasonable Democrats and Republicans in the house who are willing to vote 'yes' on the budget that the Senate had already passed."
The Dow Jones Industrial Average dropped 159.71 points, or 1.07 percent, to close at 14,776.53, dragged by Visa and IBM. The Dow has tumbled nearly 6 percent since hitting its record high of 15,709.58 on Sept. 18.
The S&P 500 declined 20.67 points, or 1.23 percent, to end at 1,655.45. And the Nasdaq tumbled 75.54 points, or 2 percent, to finish at 3,694.83.
The Dow and S&P 500 have fallen for the 11th time in the last 14 trading sessions.
The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, jumped above 20. The index has surged nearly 23 percent in October alone
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