Stocks are down in mid-day trading today as lawmakers still have not come to a solution for the impending government shutdown. As the White House and Congress continue to squabble, nearly one million federal workers--along with the rest of the economy and Wall Street--look on. Interestingly, there has been a growing opinion in the investment community that a government shutdown would not really have a huge negative impact on the stock market, and in fact, could actually be a good thing. But given that the U.S. employment rate and income levels are still pretty soft, it is hard to imagine how having so many jobs being abruptly idled could help consumers. One point of debate is the continued funding of Planned Parenthood, which really, is more political than economic. Meanwhile, oil prices continue to move higher, topping off at $111 a barrel.
Major U.S. Stock Indices
DJIA: 12,389.02 (-0.16 percent)
S&P 500: 1,331.77 (-0.13 percent)
Nasdaq: 2,790.05 (-0.22 percent)
Russell 2000: 845.34 (-0.48 percent)
In other news:
- More on why the government shutdown would only have a limited effect on the U.S. economy and stock market. [Marketwatch]
- Not so fast! Turns out, Wall Street does need the government after all. Mainly just the paper-pushers, though. [NY Times]
- Sony's Playstation--which is no longer hemorrhaging money from its Playstation 3 console--takes a shot across the bow at Nintendo. [Fortune]
- Bubble, schmubble. Gold is still cheap, apparently. [CNBC]
- Should we be expecting oil to top $150 any time soon? [Barron's]
Check back as more news develops.
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