Jittery Markets Brace for Worst

Risks to your 401K as markets brace for government shutdown.
0:59 | 09/29/13

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Transcript for Jittery Markets Brace for Worst
Investors and americans who have been lucky enough to see their 401(k)s FINALLY RECOVER, AND NOW This. The dow will open after a loss of nearly 200 points last week, already rattled by the rhetoric on capitol hill. And tonight, we're much closer to that shutdown. So, I want to bring in rebecca jarvis, great to have you. The last time well had a shutdown, 20 years ago, and the market sent a message then. Reporter: The markets dropped 3.7% back then. THAT FOR A TYPICAL 401(k) IS More than $7,000 in a span of a couple of weeks. Yeah, gone in just a couple weeks time. And you say, the bigger debate, right around the corner about the debt ceiling, feels like we just had this, and we saw our credit rating drop to the nation. Reporter: For the first time in history, s&p lowered our credit rating from that aaa status. Plus, the entire episode cost global markets $6 trillion. ON A TYPICAL 401(k), THAT WAS 16,500 in just one day's time, david. And now, if you are wondering, what does washington mean to me? Well, all this bickering means it costs you money in your wallet, in your 401 k.

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