Everything’s on the line for tonight’s big debt ceiling vote.
But first, the scoreboard:
S&P 500: -5.26
And now, the top stories:
- There were really three big themes of the day: The first was the debt ceiling. After last night’s big announcement, everyone was watching C-SPAN and getting whip count updates. It’s not a done deal, but optimism has grown late into the day that they’ll get there with the votes. If it passes, it will be mostly GOP, with a handful of Democrats (who are furious, mostly, about the deal). We’ll be covering LIVE all night.
- The second big theme of the day. The weak economy. The ISM in the US was horrible, as they were across Europe. The global economy is sputtering, and everyone thinks the austerity is coming at the worst possible time.
- And then — and this theme is still sadly neglected due to the debt ceiling drama — Europe is still blowing up. Italy was a total disaster, with the benchmark FTSE MIB index down some 3.5%.
- As for the market, there was an early jolt of optimism due to the debt deal last night, but it was already fading before the ISM number caused markets to collapse. And then… they came back. Should be quite a ballgame this evening and tomorrow.
- Click here for a look at companies poised to get hurt by tighter spending >