REUTERS/Carlo Allegri
- Dow: 15,214.3, +88.3, +0.5%
- S&P 500: 1,701.0, +8.5, +0.5%
- NASDAQ: 3,788.2, +27.4, +0.7%
And now the top stories:
- The government continues to be shut down and the October 17 debt ceiling continues to inch closer.
- However, the market is clearly becoming more optimistic. Today's rally follows yesterday's 323 point surge in the Dow. Markets received a jolt when reports crossed that House Republicans had structured a deal that would raise the debt limit and end the shutdown. Unfortunately, this afternoon, we learned that there would be no vote on any deal today.
- The University of Michigan's preliminary October consumer confidence index fell to 75.2 from 77.5 in September. This was a bit below the 75.3 reading expected by economists. The economic conditions sub-index rose to 92.8 from 92.6, while the economic outlook index fell to 63.9 from 67.8.
- "Given the big impact of the ongoing government shutdown on some other measures, the modest decline in the University of Michigan's index of consumer confidence, albeit to a nine-month low of 75.2 in October from 77.5, was comforting," said Capital Economics' Amna Asaf. "We suspect that a combination of lower interest rates and gasoline prices helped to offset some of the negative impact from the shutdown.
- Gold prices tanked, falling over 2% today on heavy volume.
- Don't Miss: The 41 Most Unusual Economic Indicators »
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