Stocks Move Higher Despite Government Shutdown (MRK, F)
The US government officially began a shutdown today after Congress was unable to reach an agreement regarding the country's budget. Despite the closure, investors remained mostly calm and the markets were able to rise. A positive report from the manufacturing industry was released, showing an expansion rate in September that hasn't been seen since April 2011. Techs had a strong day on Tuesday with gains by Apple (AAPL) and Amazon (AMZN). Newmont Mining (NEM) dropped 3.3% as gold for December delivery fell 3.1% to $1,286.10 an ounce.Global markets also gained today and both the Japanese yen and euro rose against the US dollar. On Wednesday, Jamie Dimon of JP Morgan (JPM) is meeting with other bank executives and President Obama to discuss the debt ceiling.
Word on the Street
- A government shutdown is here - what happens for the markets now?
- Manufacturing activity in September rises to the highest level in over two years.
- Ford (F) and Chrysler top expectations for quarterly results.
- World markets rise as US shutdown fails to spook markets.
- The US Postal Service defaults on a $5.6 billion payment, just as it said it would.
- Merck & Co. (MRK) announces plans to cut 8,500 jobs and move its headquarters.
- Eli Lilly (LLY) Slides After its Experimental Breast Cancer Drug Fails.
Published on Oct 1, 2013By InvestorGuide Staff