Since the partial government shutdown is over and the debt ceiling is raised, investors can now turn their attention back to economic basics like third-quarter earnings. A last-minute agreement to end the partisan debate in Congress sent the stock market soaring yesterday. The Dow climbed 206 points. The S&P 500 gained 23 and the Nasdaq composite ended up 45. Based on futures trading, Wall Street seems poised to open lower today.
- An eleventh hour agreement that averted a U.S. government debt default boosted Asian stock markets today but European markets fell in early trading after yesterday's rally in anticipation of the deal. Benchmark crude oil fell below $102 a barrel. The dollar fell against the euro and the yen.
- Investors will be focusing on the weekly jobless numbers today as well as 3rd quarter earnings reports. Some of the companies reporting results before the market opens today are Goldman Sachs, UnitedHealth Group, Philip Morris International, Verizon, Union Pacific and AMR, parent of American Airlines. After the market closes, Google will issue its quarterly results
- The International Monetary Fund and others are appealing to Washington today for more stable management of the nation's finances following the conclusion of an 11th-hour spending and debt deal. More broadly, the world is also expressing relief the U.S. avoided possible default.
- A survey suggests there's a downside to fast growing companies in emerging markets. Berlin-based Transparency International's survey of 100 of the fastest-growing companies in emerging markets shows most are failing at public accountability. Three quarters of the companies scored less than 5 on a scale where 10 is most transparent. Chinese companies had the weakest performance, with 2 out of 10, while Indian firms performed the best with 5.4.