Business

Snapshot

Gridlock in D.C. has hold on market

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Stocks fell for a fifth day Friday over concern that lawmakers won’t reach a budget deal before the Monday deadline. “I can’t wait till this is done, so we can start talking about markets again,’’ said Doug Cote, chief market strategist at ING Investment Management. Cote doesn’t expect lawmakers will reach a deal before the deadline and says that when people assess the tax increases on the way, “the market is going to reel.’’ He also expects slowing earnings growth to hit stocks. Major indexes, however, are holding on to gains for the year. The Dow is up 5.9 percent, the S&P 500 up 11.5 percent, and the Nasdaq up 13.6 percent.

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