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HomeTrading RoomWhile Congress Avoids a Government Shutdown, the Dow Drops to Start October

While Congress Avoids a Government Shutdown, the Dow Drops to Start October

Even though US lawmakers were able to reach a short-term compromise that prevented a government shutdown, the Dow Jones Industrial Average fell on Monday.

The Dow Jones index of 30 stocks decreased by 74 points, or 0.2%. The Nasdaq Composite gained 0.6% as the S&P 500 stayed close to flat.

The Russell 2000, which focuses on small-cap stocks, dropped 1.6% on Monday, bringing its yearly decline to 0.3%. The index turned negative for the first time in 2023 around this moment, highlighting problems with small cap names. Due to its emphasis on smaller enterprises, the Russell 2000 is frequently regarded as providing a more accurate picture of the state of the overall economy. The Nasdaq, which is heavily weighted in technology, experienced advances for the fourth day in a row.

With nearly 5% gains on the day, Discover was the biggest gainer in the S&P 500. Viatris, a provider of healthcare, and DXC Technology both saw gains of 1.9% and 1.5 %.

The broad market index’s only positive sectors were technology, communications services, and consumer discretionary. The tech sector traded 1.3% higher while communication services increased by 1.5%. Customer discretionary increased by 0.3%.

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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