Are Markets Showing the Impact of Government Shutdown?
(NEW YORK) — Could it be a delayed reaction? The U.S. markets slowed on the second day of the government shutdown, despite closing day one in positive territory.
Some speculate a comment President Obama made to CNBC during the day — that financial executives would be wise to be concerned that Congress might fail to raise the debt ceiling — could be to blame for Wednesday’s slow-down.
The Dow Jones Industrial Average closed down 59 points at 15,133.14. The Nasdaq Composite gave up 3 points, closing at 3,815.02. The S&P 500 stock index dropped a point, finishing the session at 1,693.87.
The latest employment numbers show employers are hiring at a steady pace. Payroll firm ADP says 166,000 private sector jobs were created in September, comparable to the past few months. The report’s getting a lot of attention because the shutdown could delay the government’s monthly numbers.
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