Morning Market Report 10/7/2013

October 7, 2013
The KUIK Morning Market Report for Monday, October 7:
Markets are down.
Index Direction Change Units Last Time Change
Dow Down                   (119) points           14,955 7:06 AM
S&P500 Down -0.67% percent             1,679           (11.35)
Nasdaq Composite Down -0.55% percent             3,787           (20.83)
30 Year Treasury Down                      (4) Basis Points               3.70 Annual Yield
U.S. stocks declined, with the Dow and S&P 500 continuing a two-week losing streak, as the stalemate on Capitol Hill over the debt ceiling and Obamacare drags on.
 The CEO of Moody’s Investors Service ruled out the possibility of a government default.  Moody’s CEO Raymond McDaniel said in an interview with CNBC. “Hopefully it is unlikely that we go past October 17 and fail to raise the debt ceiling, but even if that does happen, then we think that the U.S. Treasury is still going to pay on those Treasury securities.” 
House Speaker John Boehner  said yesterday he wouldn’t bring up bills to fully reopen the government or increase the country’s borrowing limit unless Democrats agree to broader talks aimed at trimming the deficit. The speaker insisted he couldn’t muster enough votes to pass either one without the concessions
The shutdown is spooking overseas markets. The Stoxx Europe 600 index fell 0.7% to 307.65, hitting levels not seen since early September. The index closed out last week with an 0.7% loss. 
Serving the West Side first, I am Bill Roller of BR Capital for AM 1360 KUIK.
http://www.marketwatch.com/story/stocks-begin-sharply-lower-on-default-standoff-2013-10-07-9913524
http://www.marketwatch.com/story/moodys-ceo-doubtful-that-us-will-default-2013-10-07
http://www.marketwatch.com/story/boehner-ties-shutdown-truce-to-talks-on-debt-limit-2013-10-07
http://www.marketwatch.com/story/europe-stocks-tumble-as-debt-stalemate-digs-in-2013-10-07
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