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U.S. Stocks ended the week on a mixed note - RK Global
Posted On : 2013-09-29 21:21:46( TIMEZONE : IST )
U.S. stocks ended the week on a mixed note amid worries that Congress will fail to approve a federal budget after the current fiscal year ends on Monday, leading to a possible government shutdown on October 1. The Dow Jones Industrial Average and Standard & Poor's 500 Index declined after hitting record highs last week following the Federal Reserve's surprise decision to maintain the current pace of its economic stimulus program. Both benchmarks ended a five-day losing streak on Thursday, marking the longest slide for the Dow since late August and for the S&P 500 so far this year. The Nasdaq Composite ended slightly higher. Uncertainty over the outcome of federal budget and debt ceiling talks in Washington has unsettled markets.
Congress has until midnight Monday to pass a federal budget or a continuing resolution to fund the government. A bigger threat to financial markets, however, is the risk of a U.S. default, which could happen if lawmakers fail to raise the nation's debt ceiling.
On Tuesday, Moody's warned that not raising the debt ceiling would be worse than a government shutdown "because market participants would perceive an increased probability of sovereign default," which could roil markets and damage business and consumer confidence. Adding to the urgency was a warning from the Treasury Department, which said Wednesday it had until October 17 before it would exhaust emergency measures to avoid falling behind on paying its bills. Shortly after that deadline, the Treasury could miss or delay payment on some of its obligations—an unprecedented event with possibly severe consequences for global markets.
The fiscal showdown in Washington overshadowed generally positive economic data. August reports on durable goods orders and new home sales came in better than expected. Weekly unemployment claims hovered near six-year lows and were below economists' forecasts. The U.S. economy grew at a 2.5% annualized rate in the second quarter, the Commerce Department reported Thursday, unchanged from its previous look at second-quarter GDP growth.
