Markets Move While Congress Inches Closer To A Deal

With the United States Congress merely inching toward a consensus on the debt ceiling decision, the October 17 deadline and expended borrowing authority looming, the stock market was off to a mixed start on Friday.

The Dow Jones industrial average slowly crept up five points to 15,132 in early morning Friday trading, after jumping more than 300 points before close on Thursday, following news of a near acquiescence and potential resolution to the U.S. budget impasse.

The Standard & Poor’s 500 index dropped less than a point to 1,691 after rising 23 points to 1,680 during Thursday trading, its highest point since September. The Nasdaq composite also fell less than one point to 3,760 after increasing 61 points to 3,739 on Thursday. Stocks continued to edge higher in Friday trading with the anticipation of budget resolve.

Investors are keeping a close eye on quarterly earnings reports, some of which are predictably lower and others primarily aligned with end-of-week U.S. stock performance.

In other news, reported by Reuters this week, U.S. consumer sentiment has reached its lowest level in nine months as the federal government shutdown shifts American’s economic outlook. Declining for a third consecutive month, the index on consumer sentiment fell to 75.2 in October, after a reading of 77.5 in September. This October index is in line with what economists predicted 75.3 as the index for October.


John Goodpaster
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