Stocks Fall Again While Pols Dither

By ABC News

Oct 8, 2013 8:26am

By JOHN KAPETANEAS

Morning Money Memo…

Concerns are mounting on Wall Street, as the government shutdown enters day 8. Although still unthinkable to many with nine days left until the debt ceiling deadline, the concern that US will hit its borrowing limit and default is very present . US markets finished down  for the tenth time in 13 days, and down 181 point since the shutdown began Oct. 1. Losses as a result of the shutdown are now estimated over $2 billion.

Stocks in the US fell around 1 percent Monday, as investors wait for the good news of a deal being reached in Washington. Dow, S&P and NASDAQ futures have all fluctuated neutral to low positive in the early morning. Gold is trading down marginally at $1,321; crude oil is up slightly to $103. 

Fears are growing around the world, as the October 17 debt ceiling approaches. Markets in Europe and Asia declined in early Tuesday trading. Asian markets took an early dip following the negative closing on Wall Street, but recovered with the return of the Chinese markets following the weeklong holiday. Indices in South Korea and Japan also recovered from early day lows, while Australian markets continued to fall a total of .2 percent. The Stoxx (EUR) and UK FTSE both remain down for the day.

Alcatel Lucent to announces deep job cuts. The French telecomm company, once rumored as purchase target of Nokia, announced that they will cut 10,000 positions worldwide, roughly 15 percent of its workforce of 68,000 people across the globe. Analysts have said the effort could be in preparation for a Nokia sale. Alcatel’s stock rose to $3.85 on Tuesday.

 

 

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