US STOCKS-Wall St falls on Fed, looming Washington deadline

Mon Sep 23, 2013 2:50pm EDT
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* Positive German, Chinese data outweighed by Fed uncertainty

* Fed's Dudley says Fed could begin tapering stimulus this year

* Apple shares jump after most successful iPhone launch ever

* Indexes down: Dow 0.2 pct, S&P 0.3 pct, Nasdaq 0.1 pct

By Caroline Valetkevitch

NEW YORK, Sept 23 (Reuters) - U.S. stocks fell on Monday, putting the S&P 500 on track for a third session of declines, weighed down by a Federal Reserve official's comments and a looming political deadline in Washington.

William Dudley, president of the Federal Reserve Bank of New York, said on Monday that the timeline that Fed Chairman Ben Bernanke articulated in June for scaling back the central bank's stimulus measures is "still very much intact," as long as the economy keeps improving.

Citigroup led the S&P financial sector lower, a day after the Financial Times reported Citi had a significant drop in trading revenue during the third quarter, which could hurt the bank's earnings. Citi shares fell 3.1 percent to $49.63 and the S&P financial index lost 1.4.

Investors were caught off guard last week when the Fed decided against reducing asset purchases from the current $85-billion monthly pace, after many had anticipated a change in policy in September.   Continued...