US stocks fall as investors wait on debt deal news

Leaders in Senate reported that deal over America's borrowing limit appears to be getting closer.
WASHINGTON (AP) - The stock market edged lower early Tuesday even though Republican and Democratic leaders in the Senate reported that a deal over America s borrowing limit appears to be getting closer.
Unless the borrowing limit is raised, the U.S. will bump up against a Thursday deadline that could lead to a default on government debt. That possibility has rattled markets all month.
There was reason for Wall Street to be pessimistic. For one, it wasn t clear whether House Republicans will go along with whatever the Senate works out. Also, any deal reached this week might simply set up another showdown a few months down the road.
Half an hour after trading began, the Dow Jones industrial average was down 40 points, or 0.3 percent, at 15,261. The Standard & Poor s 500 index was down four points, or 0.3 percent, at 1,706. The Nasdaq composite was flat at 3,815.
All 10 industry groups in the S&P 500 fell, with the biggest declines in consumer discretionary and financial stocks.
Citigroup fell after it reported a smaller profit because of a drop in its bond business, investment banking and mortgage refinances. The stock was down 39 cents at $49.19.
Johnson & Johnson rose $1.13, or 1 percent, to $90.93 after reporting a bigger third-quarter profit and raising its earnings forecast for the year.
The yield on the 10-year T-note rose slightly to almost 2.70 percent. Bond trading was closed Monday for Columbus Day.
Stocks in Europe rose. German s DAX rose 0.8 percent and and Britain s FTSE 100 rose 0.6 percent.
The price of crude oil fell 69 cents to $101.72.