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Friday
Sep272013

Amid Government Uncertainty, Stocks Close the Week Lower

iStock/Thinkstock(NEW YORK) -- U.S. stocks ended the week lower as investors focused on the risk of a government shutdown next week.
 
The Dow Jones Industrial Average closed down 71 points to close at 15,246. The Nasdaq lost 9 points to close at 3,778. The S&P gave up 8 points, closing at 1,690.
 
Uncertainty about whether the government stay open pushed stocks lower most of the week.
 
Consumer spending is up and so is personal income.  The Commerce Department says spending rose 0.3 percent last month, while income was up almost half a percent.
 
The Federal Housing Administration's stuck in the basement.  The commissioner has told Congress that the agency will withdraw almost $2 billion from the Treasury to cover projected losses in reverse mortgage programs for seniors.  The FHA took a hit when many borrowers 62 and older took large payments up front then ran into financial problems when their home's value fell.

Copyright 2013 ABC News Radio







ABC News Radio