Stocks in the U.S. are trading mostly flat today as the battle over a government shutdown hangs over the heads of taxpayers, officials and Wall Street. In response to yesterday's shutdown threat, the White House outlined some of the dire consequences that could happen as a result.In addition to federal offices closing down operations, an estimated 800,000 government workers would be asked to go on furlough, essentially dropping employment rate and household incomes throughout the country as the economy is still trying to recover. In addition, small businesses and taxpayers will have to wait for their forms, tax returns and other vital documents to be processed. U.S. soldiers in the nation's foreign war zones would also stop receiving paychecks. But with the current spending bill due to expire at the end of this business week, the pressure is on to find a resolution that doesn't involve complete anarchy.
Major U.S. Stock Indices
Dow Jones Industrial Average: 12,408.66 (+0.12 percent)
S&P 500: 1,331.87 (-0.06 percent)
Nasdaq Composite: 2,788.57 (-0.09 percent)
Russell 2000: 852.07 (-0.15 percent)
In other news:
- The government has shutdown before. The last time was in 1995. Here's what happened. [CNN Money]
- The Buffett bashing continues. [Smart Money]
- Silver has been red hot for the last two years. Could a silver bubble be forming? [Minyanville]
- Insider trading isn't just for public companies. Private ones--like Facebook--can do it too! [NY Times]
- Smoking is so last century. But is there life after Asia for Big Tobacco? [Economist]
Check back as more news develops.
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