President Obama signed legislation to end shutdown & raise debt limit, temporarily
Stock futures dropped as traders sell the news & take profit
Fed Fisher: Wednesday's deal to end US debt crisis does not solve fiscal problems, only postpones them
The Fed might also postpone QE tapering as the US government shutdown shaved at least 0.6 percent from fourth-quarter 2013 gross domestic product growth, taking $24 billion out of the economy & hurting consumer confidence
Dagong Global Credit Rating Co., one of China’s four biggest credit rating companies, downgraded US sovereign credit rating, saying “such political environment over debt repayment renders the dim and pale prospect of the U.S. federal government’s solvency.”
President Obama will deliver a statement at 10:35am EDT about the need for Democrats & Republicans to work together on fiscal issues
Unemployment claims is only slightly higher than expected as California continued to deal with a backlog related to computer problems, indicating it will take time to gauge the impact of the federal shutdown & it might not be quite accurate, stock futures dropped further
Most news are negative today & S&P 500 should continue to drop further too, at least to around 1710 before trying to rebound
President's speech at 10:35am EDT might provide some dim hope that the Democrats & Republicans will learn their lesson & solve their fiscal problems without going through this crisis all over again
No comments:
Post a Comment