Makeup artists Kamila Wysocka and Alexis Jackson from Florida point at another costumed person as they eat dinner in their zombie makeup at ComicCon in New York, October 10, 2013.
It's day 11 of the government shutdown.
First, the scoreboard:
- Dow: 15,237.1 , +111.0, +0.7 %
- S&P 500: 1,703.1, +10.6, +0.6%
- NASDAQ: 3,791.8, +31.1, +0.8%
And now the top stories:
- The government continues to be shut down and the October 17 debt ceiling continues to inch closer.
- However, the market is clearly becoming more optimistic. Today's rally follows yesterday's 323 point surge in the Dow. Markets received a jolt when reports crossed that House Republicans had structured a deal that would raise the debt limit and end the shutdown. Unfortunately, this afternoon, we learned that there would be no vote on any deal today.
- The University of Michigan's preliminary October consumer confidence index fell to 75.2 from 77.5 in September. This was a bit below the 75.3 reading expected by economists. The economic conditions sub-index rose to 92.8 from 92.6, while the economic outlook index fell to 63.9 from 67.8.
- "Given the big impact of the ongoing government shutdown on some other measures, the modest decline in the University of Michigan's index of consumer confidence, albeit to a nine-month low of 75.2 in October from 77.5, was comforting," said Capital Economics' Amna Asaf. "We suspect that a combination of lower interest rates and gasoline prices helped to offset some of the negative impact from the shutdown.
- Gold prices tanked, falling over 2% today on heavy volume. The move forced the Chicago Mercantile Exchange to temporarily halt trading due to something called a "stop logic event." From the CME: "The triggering of Stop orders can potentially exaggerate price movements in temporarily illiquid markets. When triggered Stop orders attempt to move the market to an executing price beyond a pre-established value, a Stop Logic event occurs."
- American banking giants JP Morgan and Wells Fargo announced better-than-expected earnings before the opening bell. Both stocks ended flat for the day.
- Don't Miss: The 41 Most Unusual Economic Indicators »
BI Intelligence, a new subscription research service from Business Insider, provides in-depth insight, data, and analysis of the mobile industry.
Access all reports, research updates, presentations, data and chart libraries plus much more with your free trial.
|Click here to start your subscription>>|
More From Business Insider