(NEW YORK) — On the last day of the fiscal quarter, stocks on Wall Street dropped more than 100 points.
The Dow finished the day down 128 points to 15,129 and has now dropped on seven of the last eight trading days.
Howard Silverblatt, a senior analyst at S&P Down Jones Indices pointed out that a drop of just 128 points with a federal government shutdown hours away actually shows the market’s resiliency.
More important to the markets and the economy, Silverblatt says, is the growing chance of a default on the debt ceiling. A debt ceiling deal must be agreed to by October 17 or else the United States will be unable to borrow money to close the gap between spending and revenue.
Copyright 2013 ABC News Radio
John Newsome and Anne Woolsey, CNN