US Stocks in Deep Red for September, Major Indices Down 4%-5% for Month

NEW YORK (Sputnik) - US stocks posted one of their worst monthly losses for 2021 in September, with the major equity indexes on the New York Stock Exchange losing 4% to 5.3% on concerns of inflation and fiscal uncertainty amid disagreements between Democrats and Republicans in Congress.

The broad-based Dow Jones Industrial Average, comprising mostly industrial stocks, settled at 33,844, down 4% for September. The blue-chip S&P 500, which groups the top 500 stocks on the New York Stock Exchange, settled down at 4,305, down 5% for the month. The Nasdaq Composite Index, led by Big Tech names such as Facebook, Amazon, Apple, Netflix and Google, finished at 14,449, down 5.3% for the month.

Congressional Democrats and the Biden administration have been attempting to juggle a time-sensitive legislative agenda that includes funding the government to prevent a shutdown, raising the debt ceiling, and passing a major infrastructure deal.

Attempts to suspend the debt ceiling and prevent a default have been twice halted by Senate Republicans led by Minority Leader Mitch McConnell, despite the House already having voted to suspend it through December 16, 2022.