Thanks a lot, Washington! Stocks fall again

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NEW YORK (CNNMoney)

With several Congressional crises brewing, the Dow Jones Industrial Average, the S&P 500 and Nasdaq fell slightly. Markets are on track for a losing week. Stocks were up Thursday, but that was after a five-day losing streak.

A possible government shutdown and a rapidly approaching debt limit could prevent the government from paying all its bills.

Related: Click here for more on stocks, bonds, currencies and commodities

But while stocks have stalled a bit lately, investors aren't exactly panicking. The recent slump comes just a week after the Dow and S&P 500 hit record highs. All three major indexes are still up between 17% and 25% for the year.

Most investors expect Congress will strike a last-minute deal to raise the debt limit.

Related: Investors pricing in last minute debt deal

What's moving: Shares of new Dow component Nike (NKE, Fortune 500) jumped 6% and hit an all-time high following quarterly results that beat expectations.

J.C. Penney (JCP, Fortune 500) shares sank 10% on news that the struggling retailer will raise $810 million via a public offering of 84 million shares. While this money will give J.C. Penney a cash cushion for its attempted turnaround, current shareholders will see their stock diluted.

BlackBerry (BBRY), which announced plans this week to go private, released dismal earnings Friday morning, including a $965 million quarterly loss. Still, these losses were widely anticipated, since BlackBerry had preannounced results late last week. The company's stock rose nearly 2%.

Related: Fear & Greed Index back in fear mode

European markets were drifting lower in afternoon trading. Asian markets closed higher Friday after China announced that it is establishing a free trade zone in Shanghai, driving up the shares of companies with Shanghai in their names. The Nikkei finished lower.

First Published: September 27, 2013: 9:51 AM ET

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