NEW YORK, Sept. 27 (Xinhua) -- U.S. stocks lost ground Friday, with the Dow Jones Industrial Average and the S&P 500 snapping a three-week gaining streak, amid mounting worries over a government shutdown in the country.
The Dow Jones Industrial Average lost 70.06 points, or 0.46 percent, to 15,258.24 points. The S&P 500 dropped 6.92 points, or 0.41 percent, to 1,691.75 points. The Nasdaq Composite Index edged down 5.84 points, or 0.15 percent, to 3,781.59 points.
For the week, the Dow and the S&P 500 fell 1.2 percent and 1.1 percent respectively. While the Nasdaq advanced 0.2 percent, jumping for a fourth straight week in a line.
The Democrats-controlled U.S. Senate voted Friday to pass a stopgap spending bill, which strips out the Obamacare-defunding provision in an emergency spending bill passed last Friday by the GOP-controlled House of Representatives.
The legislation is now sent back to the House for passage by Sept. 30, the last day of the current fiscal year. However, Republican leaders have said they would not pass the Senate bill.
On the economic front, U.S. consumer spending and personal income rose at a faster pace in August, the Commerce Department said Friday. Data showed personal income increased 0.4 percent in August after a 0.2-percent growth in July, while personal consumption expenditure rose 0.3 percent, up from a 0.2-percent gain in July.
Meantime, U.S. consumer sentiment slipped to 77.5 in September from 82.1 in August, according to the Thomson Reuters/University of Michigan's final reading on the index, missing market expectations.
"Compared to August, there is still a roughly 5-point drop in consumer confidence. September remains the lowest reading in five months ... Nonetheless, under-80 consumer confidence readings imply a sub-par holiday season ahead," Mei Li, an economic analyst at FTN Financial, said Friday.
Investors were also keeping a close eye on a few speeches from Federal Reserve officials Friday. Chicago Fed president Charles Evans said the central bank may begin to cut down its bond buying programs next year.
The CBOE Volatility Index, widely considered as a fear gauge of the market, soared 9.96 percent to end at 15.46.
In other markets, oil prices dropped on concerns that a possible government shutdown may hurt growth of world's largest oil-consuming country.
Light, sweet crude for November delivery decreased 0.16 dollar to settle at 102.87 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery lost 0.58 dollar to close at 108.63 dollars a barrel.
Gold future for December delivery on the COMEX division of the New York Mercantile Exchange rose 15.1 dollars to settle at 1,339. 2 dollars per ounce.
The U.S. dollar slipped against most major currencies amid uncertainties over U.S. budget talks and the Federal Reserve's monetary policy.
In late New York trading, the euro rose to 1.3518 dollars from 1.3488 dollars of the previous session, and the dollar bought 98. 28 Japanese yen, lower than 98.80 yen of the previous session.