Pundits say the sell-off (Dow, S&P down six of the last seven sessions) is due to either the threat of a government shutdown or overvaluation.
The latter is probably closer to the mark, if only because the government taking a few days off next week isn't going to affect stocks very much; maybe a couple of select companies, but in general, a government shutdown is a big, fat nothing-burger, with fries.
However, as the current casino games are being played, stocks will rise the moment a deal is struck in Washington, hoping to pull in more retail
If the federal government does shut down, it will only be for a few days. By then the Republicans will save face, saying that they don't want any more suffering by ordinary people. The truth is they don't really care about ordinary people, except when they're within fifty feet of a voting booth and said politician's name is on the ballot.
The showdown in Washington is just another example of how servile and juvenile our federal government has become. It has far overstepped the bounds of the constitution and now plies the media in order to torment the citizenry.
Thank goodness it's Friday and one can tune out most of the noise and the nonsense.
And, someday, we'll actually have functioning, rational markets. Sure, someday.
Dow 15,258.24, -70.06 (0.46%)
Nasdaq 3,781.59, -5.83 (0.15%)
S&P 500 1,691.75, -6.92 (0.41%)
10-Yr Bond 2.62%, -0.02
NYSE Volume 3,224,407,000
Nasdaq Volume 1,664,139,000
Combined NYSE & NASDAQ Advance - Decline: 2278-4160
Combined NYSE & NASDAQ New highs - New lows: 169-46
WTI crude oil: 102.87, -0.16
Gold: 1,339.20, +15.10
Silver: 21.83, +0.065