Stock market drops on economy, budget worries

September 23, 2013 - 4:34 PM
Wall Street

FILE - In this Wednesday, Sept. 18, 2013, file photo, specialist Christopher Culhane works at his post on the floor of the New York Stock Exchange. Investor worries about a budget fight in Washington pushed stocks lower on Monday, Sept. 23, 2013, overshadowing the prospect of more economic stimulus from the Federal Reserve. (AP Photo/Richard Drew, File)

Stocks are closing lower on concerns about the strength of the economy and the potential for a budget fight in Washington.

The Dow Jones industrial average fell 49 points to close at 15,401 Monday, logging its third straight day of declines. The Standard & Poor's 500 index fell eight points to close at 1,701.

Both indexes have given up all the gains that followed the Federal Reserve's surprise decision last Wednesday to keep its economic stimulus program intact.

Financial stocks led the declines on Monday. Citigroup dropped $1.64, or 3 percent, to $49.57 after reports that it suffered a drop in trading revenues that could crimp earnings.