Stocks began the government shutdown with a rise. Markets moved higher, perhaps a reflection that the effects of the stalemate were already priced into equities. Already 800,000 government workers have been furloughed because of the shutdown. Meanwhile, consulting firm IHS estimates the shutdown will cost more than $300 million a day in lost economic output. It also says a weeklong shutdown could shed 0.2% off the quarterly reading on GDP.
The shutdown is already having an effect on scheduled government data reports. A release on construction spending for August was canceled this morning. In addition, the Labor Department says it won't be issuing the monthly jobs report on Friday if the shutdown persists.
POLL: Who is more likely to emerge as the perceived winner of the government shutdown?
Walgreen (WAG) rose 4% on its quarterly earnings which were released ahead of the opening bell. The drug store giant says it made adjusted earnings of 73-cents a share, beating estimates by a penny.
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