Stocks wobble; data better but Washington a worry
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NEW YORK (MarketWatch) — U.S. stocks on Wednesday veered between gains and losses as investors weighed better-than-forecast economic reports against the possible inability of lawmakers to reach consensus on a budget.
“The market is bouncing back and forth, so clearly it’s a tug of war. I think that is going to be the case for a while as no one is sure what will happen with the possible government shutdown, which is being contrasted with reasonable economic data, which are basically positive,” said Kate Warne, investment strategist at Edwards Jones.
“If it does occur, it will be painful for government workers, including the military, who won’t get paid,” she added of the Monday deadline to pass a budget or a continuing resolution to at least temporarily fund government operations.
The Treasury market continues to benefit from the risk-taking confusion, with benchmark yields down to their lowest level since the middle of August, while the dollar was near its weakest point against other global currencies since February, Peter Boockvar, chief market strategist at The Lindsey Group, noted in emailed commentary.
After extending their longest slide in a month, the Dow industrials and S&P 500 were lately on track to halt their four-session losing streak, with the Dow Jones Industrial Average (DJI JIA) up 26.69 points, or 0.2%, at 15,361.28.
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The S&P 500 (SNC:SPX) added 3.59 points, or 0.2%, to 1,701.01, with financials the best performing and health care the worst among its 10 major sectors.
The Nasdaq Composite (NASDAQ:COMP) added 12.75 points, or 0.3%, to 3,781.01.
For every five stocks falling, more than nine gained on the New York Stock Exchange, where 213 million shares traded as of 11:55 a.m. Eastern. Composite volume approached 1.3 billion. http://www.marketwatch.com/story/stocks-exten...atest_news