Stocks rise on hopes for a limited shutdown Equit
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Stocks rise on hopes for a limited shutdown
Equities gain after two-session slide as investors adopt ‘buy-the-dip’ mentality
NEW YORK (MarketWatch) — U.S. stocks on Tuesday climbed for the first session in three, bouncing back from multi-week lows, as investors predicted the government’s first partial shutdown in 17 years would be short-lived and cause limited damage.
“The market likes certainty. Yesterday there was uncertainty. Today there is certainty that the government is starting to shut down. Right now, we think the fundamentals of companies and the economy will not be affected by what is going on in Washington,” said Mike Serio, a Denver-based regional chief investment officer at Wells Fargo Private Bank.
“However, if the government shutdown goes on for a prolonged time and the debt-ceiling issue on Oct. 17 does not get resolved, we’re going to have to go back and revisit our GDP number for the year,” Serio added. http://www.marketwatch.com/story/us-stocks-re...1-91034343
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