Congress once again worked through the weekend, but based on the public statements seemed no closer to resolving its stalemate and being able to reopen the Government. With both sides now merging the of funding the government with a vote for a “clean” debt ceiling extension, Wall Street is now hoping that Churchill’s famous axiom is just slightly off and that, as some in Congress think may be necessary, the country, and the stock market, doesn’t need a replay of September 29, 2008 in order to convince lawmakers of the need to increase the debt limit.Although things took a more serious turn by the end of the week, and through the weekend, the early part of the week saw the markets react with ambivalence, as both the dollar and U.S. stock futures held steady, buoyed by a (now clearly erroneous) belief that the shutdown would be short. However, as it become increasingly likely that the shutdown could drag on for days, if not weeks, and was likely to be merged into the debate over the debt ceiling, Wall Street began to react, with the stock market taking a noticeably downward trend on Wednesday and Thursday. Adding to those fears, was the Treasury Department’sannouncement on Tuesday, that it had begun to use the “final extraordinary measures” available… Read full this story
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