Friday 1st October 2021
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U.S. stock markets were sharply lower on the last day of the September quarter, as a deal was reached in the senate to avoid a government shutdown. The Senate reached a stopgap deal overnight, that would fund the government until early December. Lawmakers must still raise the debt ceiling by Oct. 18 to prevent the U.S. from defaulting on its debt. Democrats are still struggling to reach a compromise among themselves to bring both the bipartisan infrastructure bill and the $3.5 trillion spending plan to a vote in the House. However, the Democratic Senator Joe Manchin of West Virginia said, the spending plan would need to be reduced to around $1.5 trillion to get his vote. He has the swing vote for the Democrats.
The yield on the 10-year note was unchanged at 1.52%.
The Dow Jones Industrial Average fell 430 points, or 1.1%, while the S&P 500 index dropped 0.96% and the Nasdaq Composite index slid 0.38%. In other key overseas markets, trading was choppy, with Germany’s DAX 30 down 0.68% while France’s CAC 40 and Britain’s FTSE 100 fell 0.62% and 0.31%, respectively. China’s Shanghai Composite index rose 0.9%, Japan’s Nikkei 225 slid 0.31% and Hong Kong’s Hang Seng index declined 0.36%.
West Texas Intermediate crude oil was up 56 cents to $75.39 a barrel and gold rose $36.70 to $1,759.60 an ounce.
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