Stocks Drop amid Default Concerns
The S&P 500 fell 0.9 percent today. In addition to the uncertainty caused by potential U.S. government default, trading is hampered by the delay of economics reports from government institutions, e.g. the jobs report from the Bureau of Labor & Statistics. “Each day that it goes by without any type of solution or any hope of a solution, the market gets more and more concerned about what the ultimate outcome is,” Walter Todd, chief investment officer at Greenwood Capital Inc., said.