Today – Tuesday September 24th, 2013
- U.S. stocks declined today as investors are weighing the possibility that the U.S. government might shut down on October 1st. But even if a shutdown is avoided, the bigger concern is whether Congress will raise the debt ceiling before the drop-dead deadline of October 18. If that doesn’t happen, the government risks defaulting on its debt. Another credit rating downgrade could be in the cards too. This news shook the investors and there’s low levels of confidence in the market because the government might default, thus a pull back on investing and a decline.
- Mixed economic report data was released today as well, home price index showed an as expected year-over-year gain of 12.4% for July, the largest increase since February 2006. But consumer confidence index slipped to a lower than expected 79.7 for September from an upwardly revised 81.8 in August. Which ultimately led to uncertainty in the market.
Categories: Capital Markets