Stocks were up across the board Tuesday, buoyed by positive news about US manufacturing and apparently unswayed by the government shutdown. But Wall Street could change its tune if the debt ceiling is not raised.
Despite earlier worries, it appears Wall Street and markets around the globe have already brushed off Tuesday’s government shutdown and returned to business as usual – even though a more volatile threat looms as the US government heads toward a debt ceiling fight.
Burnished by positive news about American manufacturing, stocks were up across the board Tuesday, with the Dow climbing 0.41 percent to 15191 and the S&P 500 up 0.8 percent at closing. Nasdaq, too, finished the day up 1.23 percent, erasing its losses from the end of last week, when fears of a government shutdown made the markets stumble.
The strong market showing comes even as the Affordable Care Act begins the long-awaited launch of its signature health insurance exchanges. House Republicans are refusing to fund government operations unless the White House agrees to negotiate a rollback of the law’s provisions – something the Democrat-controlled Senate and President Obama have long said they would never do.
By now, the market isn’t surprised by Congress’s surly behavior.
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