3 Stocks Sinking the Dow After Government Shutdown Ends
After more than two weeks of intense political rhetoric over the fiscal condition of the United States, Congress was finally able to end the partial government shutdown and suspend the debt ceiling. The move provides a small amount of certainty for investors, but the most nation’s most watched stock index traded lower as earnings season heats up.
Late Wednesday, the Senate approved a bill with a vote of 81-18 to reopen the government through January 15, and allow the Treasury Department to borrow funds through February 7. Shortly thereafter, the House of Representatives passed the bill with a vote of 285-144. Only 87 Republicans voted in favor of the deal, while 144 opposed it. At 16 days, the shutdown ranks as the third longest in American history.
After the Senate’s vote, President Obama said, “Tonight, the Republicans and Democrats in Congress have come together around an agreement that will reopen our government and remove the threat of default from our economy. We’ll begin reopening our government immediately, and we can begin to lift this cloud of uncertainty and unease from our businesses and from the American people.” Despite the slight progress made in Washington, D.C., the Dow Jones Industrial Average dropped nearly 100 points. Here’s a look at three blue-chips dragging on the Dow Jones Industrial Average.