Tension surrounding the partial government shutdown is being felt on Wall Street where stocks finished yesterday at their lowest levels in a month. The Dow fell 136 point, while the S&P 500 lost 14 points and the Nasdaq composite fell 37. Investors continue to fear that Congress won't raise the government's borrowing limit by next week's deadline, bringing a threat of default. Futures were flat this morning.
- Asian markets shrugged off the U.S. budget stalemate today with investors hunting for bargains. But European stocks were weighed down for a second day in early trading as uncertainty in Washington loomed. Benchmark crude oil rose slightly and was just above $103. The dollar gained against the euro and the yen.
- No progress is reported in the political stalemate pitting President Barack Obama and congressional Democrats against Republicans. Obama said the House should vote immediately on ending the partial closure. He charged that House Speaker John Boehner has refused to allow the necessary legislation to come to the floor. Senate Democrats say they'll try to pass a so-called clean debit limit bill, risking a Republican filibuster.
- European lawmakers are set to tighten rules governing the multibillion-dollar tobacco market by imposing bigger and bolder warnings on cigarette packs. The European Parliament would also ban most flavorings like menthol and strengthen regulation of electronic cigarettes. The changes come following months of bitter debate.
- Asia-Pacific leaders vowed today to cooperate on stabilizing a global economic recovery threatened by resource scarcity and bottlenecks to growth. Leaders of the 21-member Asia-Pacific Economic Cooperation forum wrapped up their annual summit with a pledge to protect security of food, energy and water from threats posed by climate change and population growth.
© 2013 Associated Press. All rights reserved. Material may not be redistributed.