24/7 Newsfeed

Put Reason 24/7 on Your Site


Follow Reason 24/7 on Twitter and via RSS

Stocks Fall over Shutdown Fears

U.S. stocks fell on Monday as the chance of a last-minute deal to resolve a budget impasse in Washington appeared dim, moving the government closer to a partial shutdown.

Losses were broad, with each of the ten major S&P 500 sectors lower on the day, led by energy and financials shares.

But the S&P 500 index managed to cut its initial losses almost in half, as market participants have grown accustomed to political battles in Washington resulting in a last-minute accord.

"Quite frankly, ultimately there will be some kind of compromise in Washington. I don't think there will end up being an extended government shutdown," said Stephen Massocca, managing director, Wedbush Equity Management LLC in San Francisco.

Source: Reuters. Read full article. (link)

Editor's Note: We invite comments and request that they be civil and on-topic. We do not moderate or assume any responsibility for comments, which are owned by the readers who post them. Comments do not represent the views of Reason.com or Reason Foundation. We reserve the right to delete any comment for any reason at any time. Report abuses.