Photo: AP Images
Sorry, it’s Friday, but the week isn’t over. It’s not even slowing down.But first, the scoreboard:
S&P 500: -6.25
And now, the top stories:
- Well, it’s really all debt ceiling, debt ceiling, debt ceiling. What you need to know is that the House is soon to vote on a debt ceiling hike that has no chance in the Senate, because it includes a Balanced Budget Amendment requirement. Then it’s onto the Senate where Harry Reid tries to get his version passed. Relive today’s action here. And click here to learn how to track the next 80 hours. Action on this will be going all night.
- The other big story: Europe. It’s a mess. There are fears already that the European Financial Stability Fund is blowing up. Read more about it here.
- Oh, and finally, there’s the US economy. Today’s GDP was really bad, and so even if this debt ceiling nonsense gets resolved in a way that doesn’t start a major crisis, there’s the little problem of austerity at the time of weakness.
- As for markets, stocks got smashed early on (last night, once the House debt vote failed), and then took another huge lick after that bad GDP report. One thing that’s interesting: Despite this talk of imminent default, US Treasuries are surging, with yields falling to their lows of the year.
- Again, this isn’t the end of the week. We’re just getting started. Check out the full timeline here >