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U.S. stocks drop due to possibility on U.S. economy defaulting, 10 DAYS REMAINING

October 7, 2013

U.S. Stocks Drop on Default Concern Amid Budget Deadlock

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Today – Monday October 7th, 2013

  • U.S. stocks drop as investors fear that U.S. economy might default if debt ceiling is not raised by OCTOBER 17th, 2013.
  • The S&P 500 had its first back-to-back weekly decline since August as the government began on Oct. 1 its first shutdown in 17 years, placing as many as 800,000 federal employees on unpaid leave and closing some services, after lawmakers failed to reach an agreement on budgets before the start of a new fiscal year.
  • Tomorrow starts earnings season, starting with Alcoa.
  • The S&P 500 fell 0.9 percent to 1,676.12 at 4 p.m. in New York, the lowest since Sept. 9. The Dow Jones Industrial Averagedeclined 136.34 points, or 0.9 percent, to 14,936.24. About 5 billion shares changed hands on U.S. exchanges, the slowest trading since Aug. 29.
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