University of Chicago professors Eugene F. Fama (L) and Lars Hansen attend a news conference after it was announced they won the 2013 Nobel Prize in Economics in Chicago, October 14, 2013.
It's day 14 of the government shutdown.
First, the scoreboard:
- Dow: 15,301.2 , +64.1, +0.4 %
- S&P 500: 1,710.1, +6.9, +0.4%
- NASDAQ: 3,815.2, +23.4, +0.6%
And now the top stories:
- The government continues to be shut down and the October 17 debt ceiling continues to inch closer.
- Hopes are high that Congress will be able to reach a deal to raise the debt ceiling. However, a 3 p.m. ET meeting with President Obama, Vice President Biden, and congressional leaders was abruptly cancelled with 20 minutes advance notice. "And it's a good thing," reported BI's Brett Logiurato citing a Senate aide. "It means both sides are making progress toward a deal."
- Earlier today. the 2013 Nobel Prize in Economics was awarded to economists Robert Shiller, Eugene Fama, and Lars Hansen. From the Royal Swedish Academy of Sciences: "There is no way to predict the price of stocks and bonds over the next few days or weeks. But it is quite possible to foresee the broad course of these prices over longer periods, such as the next three to five years. These findings, which might seem both surprising and contradictory, were made and analyzed by this year’s Laureates, Eugene Fama, Lars Peter Hansen and Robert Shiller."
- Professor Fama is famous for his work advancing the Efficient Market Hypothesis, which essentially argues that information is priced into assets making it extremely difficult to predict where prices are heading in the short run. "These findings not only had a profound impact on subsequent research but also changed market practice," said the Royal Swedish Academy of Sciences. "The emergence of so-called index funds in stock markets all over the world is a prominent example."
- Professor Shiller is famous for his work in predicting the intermediate-term direction of asset prices. He's legendary for his prescient warnings ahead of the dotcom and housing bubbles.
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