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Even After Congress Prevents a Government Shutdown, the Dow Declines to Begin October

Despite the fact that American lawmakers were able to reach a short-term agreement to avoid a government shutdown, stocks fell on Monday.

168 points, or 0.5%, were lost by the Dow Jones Industrial Average. While the Nasdaq Composite gained 0.2%, the S&P 500 fell by 0.4%.

On Monday, the Russell 2000, which focuses on small-cap stocks, lost 1.8%, bringing its yearly loss to 0.5%. Indicating problems among small cap stocks, this was the first time the index turned negative in 2023. Due to its emphasis on smaller enterprises, the Russell 2000 is frequently regarded as providing a better window into the state of the overall economy.

With its shares up 5% on Monday, Discover was the biggest gainer in the S&P 500. Viatris Health and DXC Technology both saw gains of 3.8% and 3.5%, respectively.

The broad market index’s only advancing sectors were those in technology and communications. The tech sector traded 0.5% higher while communication services increased by 0.7%.

With only a few hours to go before a deadline of Saturday at midnight, the Senate approved a continuing resolution, which President Joe Biden subsequently signed into law. By extending the government’s opening until mid-November, the plan gives lawmakers more time to complete funding legislation.

Source (CNBC)

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