Government Shutdown Threats Bring Stocks Lower

Financial News for the Week Ending September 28th

U.S. markets sank for the week as concerns over the increasingly likely government shutdown weighed on stocks. It was the first down week in a month. The Dow fell 1.2% and the S&P 500 dropped 0.6%. Internationally, Europe fell 0.6% and Japan was flat, rising 0.1%. The 10-year Treasury yield fell over the government concerns, ending the week at 2.62% as bonds rose.

The Treasury announced the government would hit its debt limit on October 17th, setting a new deadline after the current government shutdown deadline of October 1st.

New home sales gained 7.9% beating forecasts, but pending home sales edged down for the third month in a row.

The final look at second quarter GDP was steady at 2.5%.

Consumer spending rose 0.3% in August increasing from July, but is at relatively slow pace.

Blackberry received an offer from Fairfax Financial Holdings to take it private for $4.7 billion. The firm also posted a fiscal second quarter loss of $965 million and a fall in revenue of 45%.

Apple set a new sales record for the iPhone selling 9 million phones in their first three days. They also increased their forecasts for the quarter.

Reposted from the Raffa Wealth Management Blog.

All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.

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