Stocks finish lower
The Dow Jones industrial average lost 60 points to close at 12,965 Monday.
The market opened higher but turned down at mid-morning after the Institute for Supply Management reported that U.S. manufacturing shrank last month.
Businesses expressed concerns about a series of sharp government spending cuts and tax increases that kick in next year unless a budget deal is reached in Washington.
Three stocks fell for every two that rose on the New York Stock Exchange. Volume was lighter than the recent average at 3 billion shares.