Monday’s Midday Movers: 3 Stories Driving Markets
The major U.S. stocks were falling again Monday as investors worried about the consequences of the prolonged shutdown. As of 12 p.m.:
|DIJA: -0.42% to 15008.68||S&P 500: -0.38% to 1684.15||NASDAQ: -0.51% to 3788.26|
|Gold: +1.02% to 70.43||Oil: -0.19% to 24.5125||U.S. 10-Year: -1.17% to 26.21|
Here are three stories helping shape the market Monday afternoon:
1. Gallup: Government Shutdown is Already Hurting Consumer Spending: “Spending estimates from Gallup and the government seem to indicate that consumers are moving beyond the ‘new normal’ period of more limited spending observed from 2009 to 2012,” noted Jeffrey M. Jones in the research firm’s September reading of Americans’ self-reported daily spending.
Gallup’s data shows that consumer spending has generally been trending upward since late 2012, a positive sign for the U.S. economy since between 2009 and November 2012, the month averages were consistently below $80. That period became known as the “new normal” in spending, and it was linked to the sluggish economy and high unemployment rate. Comparatively, in 2008 — the first year in which Gallup conducted this survey — each monthly reading exceeded $80 and for four months the measure jumped above $100.