The deadline for Congress to pass a government funding bill has come and gone, and the US government is now closed

Jay Soloff

Argonath Financial

The deadline for Congress to pass a government funding bill has come and gone, and the US government is now closed. Well, it's closed for roughly 800,000 federal workers, who won't get paid until a budget is set. As expected, the stock market responded by... rising? Okay, that wasn't expected. All the major US stock indices were up today while gold dropped nearly 3%. It's almost exactly opposite what intuition would have suggested would occur. Basically, investors have shown they aren't overly concerned this shutdown will hurt the economy. Most appear to believe the current Congressional issues will be short-lived. And while the current round of political nonsense may be mostly harmless, if the same tactics are used with the debt-ceiling showdown, there's going to be a big price to pay. Let's hope Congress wakes up by then.

Jay Soloff
Jay Soloff
Research Analyst
Argonath Financial

I'm an investments analyst for a US-based independent investment research firm. My focus is on economics, options, and all types of stocks, but especially tech, Internet, and renewable energy companies. I have experience as a options market...


No areas of expertise

I would like to

Only to be used for sending genuine email enquiries to the Contributor. Livewire Markets Pty Ltd reserves its right to take any legal or other appropriate action in relation to misuse of this service.

Personal Information Collection Statement
Your personal information will be passed to the Contributor and/or its authorised service provider to assist the Contributor to contact you about your investment enquiry. They are required not to use your information for any other purpose. Our privacy policy explains how we store personal information and how you may access, correct or complain about the handling of personal information.


Please sign in to comment on this wire.

trending on livewire
Get the best of Livewire by signing up to our popular daily newsletter