| The KUIK Market Update for Monday, September 30: | |||||||
| Markets are down on worries over tomorrow’s government shutdown but up form their lows. | |||||||
| Index | Direction | Change | Units | Last | Time | Change | |
| Dow | Down | (99) | points | 15,159 | 7:57 AM | ||
| S&P500 | Down | -0.50% | percent | 1,683 | (8.54) | ||
| Nasdaq Composite | Down | -0.34% | percent | 3,769 | (12.74) | ||
| 30 Year Treasury | Up | 2 | Basis Points | 3.70 | Annual Yield | ||
| A government shutdown would interrupt some services and jeopardize the paychecks of more than 800,000 federal workers. The Office of Management and Budget has asked agencies to begin making contingency plans. The federal government does not stop functioning completely, and by law, certain agencies must operate with unsalaried employees. They include those that deal with national security and the safety of people and property, as well as those that manage benefits such as Social Security payments. The U.S. Postal Service will also be unaffected. | |||||||
| The direct economic hit from a government shutdown, which looks increasingly likely, may be relatively small but could have damaging ripple effects, “While the economic impact of a shutdown may not be crippling to U.S. growth, the hit to consumer and business confidence from such an outcome could be substantial, increasing the shutdown’s effects,” said Gennadiy Goldberg, U.S. strategist at TD Securities. TD recently estimated that each week of a shutdown could cut quarterly economic growth by about .2%. In an economy growing just 2% a year, the costs could increase quickly as the dispute drags on. | |||||||
| Serving the West Side first, I am Bill Roller of BR Capital for AM 1360 KUIK. | |||||||
| http://www.washingtonpost.com/wp-srv/special/politics/2013-shutdown-federal-department-impact/?hpid=z2 | |||||||
| http://blogs.marketwatch.com/capitolreport/2013/09/30/damaging-ripple-effects-seen-if-government-shuts-down/ | |||||||
| For today’s Market Update Report click to listen-> | |||||||