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U.S. stock futures move higher despite government shutdown risk

by | 19 Jan, 2018

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All eyes are on Washington’s lawmakers

Fears over a government shutdown are seemingly being ignored by investors, as stock futures pointed to a higher open on U.S. indices across the board this Friday.

Dow futures rose by 96 points, S&P500 futures by 9 points and Nasdaq futures by 35 points, on the same day that Congress will have to try to pass a bill to avoid a shutdown, which would lead to nearly 40 per cent of the governments workforce being placed on unpaid furlough and being told not to work.

The House of Representatives voted last night to avert a shutdown, sending a bill to the Senate, where its future is much less certain today. 60 votes are needed from the Senate to pass it and get it sent to Donald Trump’s desk, but Democrats have committed to voting down the bill due to fundamental disagreements between them and their Republican colleagues over what should be included in the spending bill to keep government open.

Immigration is the hot topic for Democrats, who insist that any bill must include protections for over half a million undocumented migrants who were brought to the U.S. as children, known as the ‘Dreamers’.

The standoff between the two factions comes on the eve of the anniversary of Trump’s first year in office.

Elsewhere in the markets, gold prices rose above $1,334 per ounce after a major dip yesterday, while the Dollar stepped back ahead of tonights crucial senate vote. In the bond market, U.S. treasury yields were at their highest since 2014.

Related: Tax reform bill nears the final stage – U.S. markets open higher!

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ALL RIGHTS RESERVED © INVSTR LTD. 2018

Risk Disclosure:
Invstr is a technology platform, not a registered broker-dealer or investment adviser. Invstr does not offer its own recommendations of any security or provide its own research to any user regarding any security transaction or order.
Please note, investing involves risk and investments may lose value. Past performance does not guarantee future results.
Brokerage services are provided by the following:
US-traded securities, including fractional trading, are provided to Invstr users by DriveWealth LLC, a regulated member of FINRA/SIPC. DriveWealth may not establish investment accounts to residents of certain jurisdictions. For more information, including disclaimers, risk and transaction fees click here.
India account traded securities are provided by SIC Stocks & Services PVT Ltd. SIC does not make any personal recommendations to buy, sell or otherwise deal in investments. Investors make their own investment decisions. The services and securities provided by SIC may not be suitable for all customers and, if you have any doubts, you should seek advice from an independent financial adviser. For more information and disclaimers, click here.

 

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