A little big picture-look at the market…
Despite the debt ceiling, shutdown, and all that, the market has basically remained bulletproof.
Dan Greenhaus (@danBTIG) broke out some numbers yesterday in his latest note to clients about how good some of the indices are faring.
Despite broader concerns about Washington, equities in general have recouped almost all of the modest losses; the Russell 2000 stands at a new record high, the Nasdaq is all but at its post crisis high and the S&P 500 stands just shy of making the same claim. Admittedly, some sectors did have difficulties today. Household durables suffered from weakness in homebuilders and WHR, mortgage REITs traded lower on average and EXPE’s troubles worsened after a downgrade (TDC got hit hard after the close after lowering guidance). But generally it’s been a fairly positive four days.
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