Photo: Wikimedia Commons
The market may crash at some point before the debt ceiling fight is over. But, contra all the hype, today was not to be that day.But first, the scoreboard:
S&P 500: -7.05
And now, the top stories:
- As noted above, today was really hyped up all weekend after John Boehner said that he hoped to have a plan by the time Japan opened up. It evoked weekends circa 2008, when it was a big deal to have some kind of new bailout before the Japan open.
- Well, they never got a deal over the weekend, and Japan didn’t seem to care. Neither did the US all that much, and in fact it was very quiet. Futures did initially fall over 1%, and gold did spike, but really, it was a pretty business-as-usual day in markets.
- Perhaps the bigger story was actually in Europe, where all the old contagion trades are back. Italy was really surprisingly ugly again, as the Greece bailout agreed to last week has failed to create a firewall.
- There was no big corporate news. Netflix earnings are after the ball, so that should get some interest.
- On the debt ceiling front, Harry Reid came out with his plan that excludes tax hikes, but mainly finds savings via war. For the full rundown of what happened today debt-ceiling wise, see here.
- Anyway, if politicians do blow up the economy, here are 9 safe-haven investments >