NEW YORK (CNNMoney)
The Dow Jones industrial average, S&P 500 and Nasdaq edged up modestly.
Stocks hit record highs earlier last week, but market sentiment has taken a hit in the past few days as investors worry about a possible government shutdown and the upcoming debt limit.
Congress has less than a week to agree on a short-term funding bill to prevent a shutdown on Oct. 1, and despite all the squabbling, investors largely assume that lawmakers will reach a last-minute deal.
"Expectations are that a stop gap budget will once again be proposed and approved," said Tom Stringfellow, chief investment officer at Frost Investment Advisors.
Earnings on the horizon: Though Washington is in the spotlight, investors will also soon turn their attention to third-quarter earnings .
Analysts expect earnings growth of 3.6% for the S&P 500 companies, according to S&P Capital IQ estimates. That would be the smallest increase in a year. But revenue is forecast to grow by 4.8%, the best pace in over a year.
Nike (NKE, Fortune 500), one of the newest members of the Dow, will release its latest quarterly results after the closing bell.
What's moving: J.C. Penney (JCP, Fortune 500) dropped further Thursday after plummeting 15% on Wednesday, following reports that the retailer might seek $1 billion through a stock sale.
Though investors are assuming the worst, J.C. Penney said it is "pleased thus far in the company's turnaround efforts," and said it expects to book positive same-store sales during the third and fourth quarters.
Shares of Bed Bath & Beyond (BBBY, Fortune 500) climbed after the retailer posted quarterly earnings Wednesday that beat expectations.
JPMorgan Chase (JPM, Fortune 500) and Morgan Stanley (MS, Fortune 500) shares advanced more than 1% following reports that the banks will help lead Twitter's initial public offering. Goldman Sachs (GS, Fortune 500) is expected to be the lead underwriter, according to previous reports.
Related: Fear & Greed Index, wallowing in fear
On the economic front, gross domestic product in the U.S. grew at an annual rate of 2.5% during the third quarter according to the government's final GDP reading. Jobless claims fell slightly to 305,000 last week, which was below expectations.
European markets were edging lower in midday trading. Asian markets ended mixed. Markets in China declined, but Japanese stocks rallied -- with the Nikkei jumping by 1.2% -- on talk of a potential corporate tax cut.
First Published: September 26, 2013: 9:49 AM ET
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