Stocks Continue to Retreat As Debt Crisis Threatens Global Economy
Growing anxiety over the US government shutdown caused the markets to retreat again on Thursday. By the end of the day losses were trimmed slightly after Speaker John Boehner stated he would not let a default on debt occur. The IMF warned that failure to raise the debt ceiling would be a great threat to the global economy. All ten sectors in the S&P 500 fell today with industrials and utilities particularly hit hard. Tesla Motors (TSLA) continued to fall lower on Thursday and Bassett Furniture (BSET) plunged 10.5% after reporting Q3 results.Constellation Brands (STZ) was up after sharing net sales that grew during Q2. The US dollar hit another eight-month low today. Debt and shutdown worries in the US have caused markets in Asia and Japan to fall for another day as investors factor in the impact of a debt default and a longer government closure.
Word on the Street
- The government shutdown enters its third day as Congress remains at a standstill.
- Reports show hiring slowed in September, ISM index falls to 54.4%.
- Noble (NBL) and other energy stocks falter on Thursday.
- Could a debt ceiling impasse bring about a recession?
- Boeing (BA) may have to delay deliveries if shutdown continues.
- Halozyme (HALO) Soars on a Major Milestone Payment From Roche.
Published on Oct 3, 2013By InvestorGuide Staff