{"id":284419,"date":"2011-02-28T12:16:02","date_gmt":"2011-02-28T12:16:02","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/02\/28\/government-shutdown-wall-street-isnt-worried\/"},"modified":"2011-02-28T12:16:02","modified_gmt":"2011-02-28T12:16:02","slug":"government-shutdown-wall-street-isnt-worried","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/02\/28\/government-shutdown-wall-street-isnt-worried\/","title":{"rendered":"Government shutdown? Wall Street isn&#8217;t worried"},"content":{"rendered":"<p><div readability=\"92.5811269518\">    <!-- KEEP --><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/02\/ae7394d6down_sp.top_.gif\" alt=\"Government shutdown? Stock market doesn't care\" width=\"475\" height=\"250\" border=\"0\" class=\"cnnstoryImageFull\" \/><span><b>The last time the government went dark, the S&#038;P 500 rose 4%.<\/b><\/span><span id=\"fb-recommend\"\/><br \/>\n<span>By Hibah Yousuf, staff reporter<\/span><span>February 28, 2011: 7:10 AM ET<\/span><!--startclickprintexclude--><br clear=\"all\"\/><!--endclickprintexclude--><!-- CONTENT --><\/p>\n<p>NEW YORK (CNNMoney) &#8212; The looming threat of a government shutdown isn&#8217;t causing investors to panic.<\/p>\n<p>During the previous two times the government pulled the plug &#8212; five days in November 1995 and another 21 days in January 1996, both during the Clinton administration &#8212; the Dow (<a href=\"http:\/\/money.cnn.com\/quote\/quote.html?symb=INDU&#038;source=story_quote_link\">INDU<\/a>) and the S&#038;P 500 (<a href=\"http:\/\/money.cnn.com\/quote\/quote.html?symb=SPX&#038;source=story_quote_link\">SPX<\/a>) moved higher. In fact, the market continued its bull run until the dot-com crash in early 2000. <\/p>\n<p><!-- REAP --><!--startclickprintexclude--><!--endclickprintexclude--><!-- \/REAP --><\/p>\n<p>&#8220;We remember the 1995 experience,&#8221; said Brian Gendreau, market strategist at Financial Network Investment Corp. &#8220;The Clinton administration ended up making compromises, and the shutdown didn&#8217;t last long. Investors don&#8217;t expect anything different this year if it comes to that.&#8221; <\/p>\n<p>This time around, Democrats and Republicans have hit <a href=\"http:\/\/money.cnn.com\/2011\/02\/25\/news\/economy\/federal_shutdown\/index.htm\">political gridlock<\/a> on a spending bill that would cover the rest of fiscal year 2011. If the lights go out in Washington, Wall Street says it will be business as usual. <\/p>\n<p>&#8220;Most investors view all of this as a natural course of the political process, so I don&#8217;t see it being very impact at all,&#8221; said Drew Kanaly, CEO of Kanaly Trust, a wealth management firm in Houston. <\/p>\n<p><!-- REAP --><!--startclickprintexclude--><!--endclickprintexclude--><!-- \/REAP --><\/p>\n<p>Investors aren&#8217;t even worried about the $14.294 trillion debt limit, which Congress will undoubtedly need to raise as early as April. That&#8217;s because lawmakers have already raised the debt ceiling 12 times since 1995.<\/p>\n<p>&#8220;That markets know that the United States will pay its bills, which is why all of this is a charade,&#8221; said David Kotok, chief investment officer at Cumberland Advisors. &#8220;If the market actually ever doubts the country&#8217;s ability to pay, all hell will break loose in the financial world. The shock of a U.S. default would be worse than the aftermath of Lehman Brothers and AIG.&#8221;<\/p>\n<p>Reality check: the real fears<\/p>\n<p>As the political drama plays out in Washington, investors are focused on the political turmoil sweeping across the Arab world, and the corresponding rise in oil prices. <\/p>\n<p>Last week, <a href=\"http:\/\/money.cnn.com\/2011\/02\/25\/markets\/oil\/index.htm\">oil prices surged 9%<\/a>, climbing as high as $103 a barrel on Thursday. <\/p>\n<p>Mounting oil prices have pushed the gas prices to the <a href=\"http:\/\/money.cnn.com\/2011\/02\/26\/news\/economy\/gasoline_prices\/index.htm\">highest level since October 2008<\/a>, and analysts expect prices to continue higher. <\/p>\n<p>That sharp rise in oil and gas prices spooked investors, and <a href=\"http:\/\/money.cnn.com\/2011\/02\/25\/markets\/markets_newyork\/index.htm\">stocks tumbled about 2%<\/a> last week, posting their worst losses since November. <\/p>\n<p>&#8220;Not surprisingly, the real concerns are still centered on everything going on in the Middle East and North Africa,&#8221; said Sam Stovall, chief investment strategist at Standard &#038; Poor&#8217;s. &#8220;We could see more uprisings and higher oil prices, which are a burden on consumer and could derail the fragile economic recovery.&#8221; \u00a0<a href=\"http:\/\/money.cnn.com\/2011\/02\/28\/markets\/stock_market_government_shutdown\/index.htm?section=money_topstories&#038;utm_source=feedburner&#038;utm_medium=feed&#038;utm_campaign=Feed%3A+rss%2Fmoney_topstories+%28Top+Stories%29#TOP\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/02\/0e63013ebug.gif\" alt=\"To top of page\" border=\"0\" width=\"7\" height=\"7\" \/><\/a><\/p>\n<p><!-- \/CONTENT --><!--startclickprintexclude--><!--startclickprintexclude--><br \/>\n<!--endclickprintexclude--><!--endclickprintexclude--><\/div>\n<\/p>\n<p><img decoding=\"async\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/02\/ae7394d6down_sp.top_-150x150.gif\" \/><\/p>\n<p>Continued here:<br \/>\n<a target=\"_blank\" href=\"http:\/\/rss.cnn.com\/~r\/rss\/money_topstories\/~3\/i3g6G8W5i6E\/index.htm\" title=\"Government shutdown? Wall Street isn't worried\" rel=\"noopener noreferrer\">Government shutdown? Wall Street isn&#8217;t worried<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> The last time the government went dark, the S&#038;P 500 rose 4%. By Hibah Yousuf, staff reporter February 28, 2011: 7:10 AM ET NEW YORK (CNNMoney) &#8212; The looming threat of a government shutdown isn&#8217;t causing investors to panic. <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-284419","post","type-post","status-publish","format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Government shutdown? 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