Wall Street Shrugs Off Day One of the Shutdown


iStock/Thinkstock(NEW YORK) — The Dow Jones Industrial Average and the rest of the major market averages took the first day of the government shutdown in stride. The Dow actually gained 62-points to finish the day at 15.1919.70.  This was only the second up day in the last nine trading sessions.
In addition to Tuesday being the first day of the shutdown, this was also the first day of a new month and a new quarter. For investors that means that there is usually new money being put to work in the market.
At the moment, the market is not overly concerned because investors believe that, like every crisis in Washington, this will get resolved before too long.
But the fear will rise for investors next week if the government is still shutdown and it looks like the United States could actually run out of money and default on its debts.

Copyright 2013 ABC News Radio

Leave a Reply

Your email address will not be published. Required fields are marked *