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US stocks fall at open

Friday - 9/27/2013, 10:36am  ET

FILE - In this Tuesday, Sept. 3, 2013, file photo, traders work on the floor at the New York Stock Exchange in New York. World stocks drifted on Friday Sept. 27, 2013, with markets in China edging slightly higher as investors stayed cautious ahead of a major holiday and details from the highly anticipated unveiling of a free trade zone in Shanghai. (AP Photo/Seth Wenig, File)

The Associated Press

NEW YORK (AP) -- The stock market slipped in early trading with the path to a U.S. budget resolution growing more convoluted by the day.

The Dow Jones industrial average fell 74 points to 15,253 shortly after the market opened Friday. The Standard & Poor's 500 index lost eight points to 1,690. The Nasdaq composite fell 21 points to 3,766.

A budget fight on Capitol Hill overshadowed a government report showing that income for Americans grew at its fastest pace in six months.

Rising income also helped lift consumer spending last month. That is crucial because that spending drives about 70 percent of all U.S. economic activity.

J.C. Penney fell $1.07, or 10 percent, to $9.35 following news the struggling retailer expects to raise about $811 million through a stock offering.

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