Skip to comments.U.S. stocks drop; Dow skids nearly 160 points
Posted on 10/08/2013 2:20:21 PM PDT by John W
SAN FRANCISCO (MarketWatch) U.S. stocks fell sharply on Tuesday hit by growing jitters over the budget impasse in Washington, with the partial government shutdown extending into a second week with few signs of a deal to end it or raise the nations debt ceiling.
Stocks have been pretty resilient so far during the shutdown. Since the shutdown started on Oct. 1, the Dow industrials are off by 2.3%, the S&P 500 is down 1.6%, and the Nasdaq is off by 2%, with Tuesdays losses making up a big part of the month-to-date loss.
The continued rhetoric out of Washington is sapping optimism that the shutdown and debt ceiling are going to be resolved by Oct. 17, said Robert Pavlik, chief market strategist at Banyan Partners.
Theres not a lot of interest to buy when the rhetoric is negative and theres no soon end to it, Pavlik said. Also, taking away interest to buy is the S&P 500 dipping below its 100-day average.
(Excerpt) Read more at finance.yahoo.com ...
A real president would do his best to calm the markets and instill investor confidence.
When the Blatherer-in chief speaks, Wall Street listens. His alarmist and extreme rhetoric scared the squirrels. All predictable.
Zero is doing his best to drive the markets down down down.
Long after the shutdown is over, there will be Obamacare. People will not remember the shutdown, they will only remember the damage and the pain of Obamacare. I hope he enjoys destroying the markets today and blaming the Republicans. He will own it all tomorrow.
I disagree. A real president would leave the markets alone and stick to principle.
True enough but if the market keeps falling hard then the GOPERs will be panicked enough to cave. A drop of 1000 points will seriously unhinge the donator class.
Well obama did call two of the biggest stock trading firms in to ask for help. Many financial banks love to short the market. Hmmmm.
The scairdy cats are selling and the pros are skinning them alive
Okay, well, Hussein, guess you better wake up.
the clown wants to be dictator. He isn’t.
They be back. I might buy some if they drop much more.
Is Wall Street missing its $85 billion payment???
Unfortunately the narrative has already been established by his sycophants that originally the ACA was a great idea. Then the insurance companies got involved and messed it up. Obama had a great idea but big business just did what it does. Watch and see. Revisionist history is so vogue.
Big deal. On with the so-called shutdown!
I’m not buying it. The in-the-know class have been doing this for years now. Know when the market’s about to peak, get out in front of it. When it’s at the bottom, buy back in. “Little folk” suckers panic when it’s low, so they lose. Every time this happens, the ptb get lots of money and then buy cheap stock...more of that too.
The gov’t and the FED are the major market players. The debt limit means no more chips for the rigged casino.
Rush mentioned that this could be Wall Street making a market correction...while the optics make it look like the shutdown’s fault.