It’s day 11 of the government shutdown.
First, the scoreboard:
- Dow: 15,237.1, +111.0, +0.7%
- S&P 500: 1,703.1, +10.6, +0.6%
- NASDAQ: 3,791.8, +31.1, +0.8%
And now the top stories:
- The government continues to be shut down and the October 17 debt ceiling continues to inch closer.
- However, the market is clearly becoming more optimistic. Today’s rally follows yesterday’s 323 point surge in the Dow. Markets received a jolt when reports crossed that House Republicans had structured a deal that would raise the debt limit and end the shutdown. Unfortunately, this afternoon, we learned that there would be no vote on any deal today.
- The University of Michigan’s preliminary October consumer confidence index fell to 75.2 from 77.5 in September. This was a bit below the 75.3 reading expected by economists. The economic conditions sub-index rose to 92.8 from 92.6, while the economic outlook index fell to 63.9 from 67.8.
- “Given the big impact of the ongoing government shutdown on some other measures, the modest decline in the University of Michigan’s index of consumer confidence, albeit to a nine-month low of 75.2 in October from 77.5, was comforting,” said Capital Economics’ Amna Asaf. “We suspect that a combination of lower interest rates and gasoline prices helped to offset some of the negative impact from the shutdown.
- Gold prices tanked, falling over 2% today on heavy volume. The move forced the Chicago Mercantile Exchange to temporarily halt trading due to something called a “stop logic event.” From the CME: “The triggering of Stop orders can potentially exaggerate price movements in temporarily illiquid markets. When triggered Stop orders attempt to move the market to an executing price beyond a pre-established value, a Stop Logic event occurs.”
- American banking giants JP Morgan and Wells Fargo announced better-than-expected earnings before the opening bell. Both stocks ended flat for the day.
- Don’t Miss: The 41 Most Unusual Economic Indicators »
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