Photo: Claudio Gennari
This is probably the ugliest day we’ve seen in a while for all kinds of reasons.But first, the scoreboard:
S&P 500: -5.34
And now, the top stories:
- First of all, the big “story” is the government shutdown fight, although it’s never been clear that the market has cared. Here’s the latest on that drama.
- As for the market, things got started on a really bullish note. The Nikkei had a huge day. Other Asian markets rallied as well. European stocks and the euro gained in the early going.
- Along with the big rally, there were huge gains in the precious metals. Silver finally broke through $40. Oil went above $113, and so of course the dollar got hammered.
- Ominously, things split in the middle of the day. Equities slid, but we never got any corresponding weakness in crude or gold or anything like that. Treasuries fell as well.
- Corporate news was pretty quiet. Expedia had a big day thanks to its planned spinoff of TripAdvisor. Some of the big momentum stocks like Apple and MolyCorp had down days.
- In the end, stocks ended down less than they seemed to be with about an hour to go, but it was still pretty red.
- Click here to see 14 horrible things that will happen if the government were to shut down >