The dollar fell again Thursday against the euro and the yen as the US government shutdown ground through its third day with no end in sight.
Worries mounted that the political paralysis in Washington would lead to the government being forced to default on its obligations.
With it appearing that the issue of raising the country's borrowing limit would be rolled into the fight over the budget, the Treasury warned that not raising the debt limit by October 17 would force it to default on its obligations.
U.S. stocks fell, with the Standard & Poor’s 500 Index dropping the most in a month, as data showed weaker-than-forecast growth in service industries and concern grew that the political impasse could lead to a recession.
Eli Lilly Co. dropped 3.4 percent after the drugmaker said it would be “challenging” for it to meet its 2014 sales target.United Technologies Corp., a supplier of helicopters and jet engines to the military, retreated 1.2 percent after saying the shutdown would lead to as many as 5,000 temporary layoffs. Boeing Co. sank 2.2 percent as industrial stocks led losses among S&P groups. PulteGroup Inc. slid 2.4 percent as all 11 members of an S&P gauge of homebuilders fell.
Even as the fearmongering over the debt ceiling hits proportions not seen since 2011 (when it was the precipitous drop in the market that catalyzed a resolution in the final minutes, and when four consecutive 400 point up and down DJIA days cemented the deal - a scenario that may be repeated again), some banks are taking things more seriously, and being well-aware that when it comes to banks, any initial panic merely perpetuates more panic, have taken some radical steps. The FT reports that "two of the country’s 10 biggest banks said they were putting into place a “playbook” used in August 2011 when the government last came close to breaching the debt ceiling. One senior executive said his bank was delivering 20-30 per cent more cash than usual in case panicked customers tried to withdraw funds en masse. Banks are also holding daily emergency meetings to discuss other steps, including possible free overdrafts for customers reliant on social security payments from the government."
Shares in New York fell sharply on Thursday after the US Treasury warned that the budget fight between Republicans and Democrats in Washington risked plunging the world's biggest economy into its worst slump since the Great Depression.
President Barack Obama turned up the pressure on Republicans on Capitol Hill after the Treasury and the International Monetary Fund joined senior Wall Street figures in urging a deal well ahead of the deadline for raising America's debt ceiling on 17 October.
SAN FRANCISCO (MarketWatch) — Twitter revealed its filing for a proposed initial public offering on Thursday afternoon, setting in motion a debut that could be the most significant tech IPO since Facebook Inc. went public last year.
The filing signals the start of a roughly one-month period in which would-be investors will finally be able to have access Twitter’s financial details before the social network finally goes public. In a filing with the Securities and Exchange Commission, Twitter said it plans to list under the ticker symbol “TWTR.”
Flamboyant Brazilian billionaire Eike Batista made his first million from gold trading before he was 24 years old.
And from there it was a life worthy of the silver screen — he married a Playboy model, entered speedboat contests, and amassed a fortune of $34.5 billion. Batista told everyone who would listen that he would soon be the richest man in the world.
Chinese real estate giant Zhongrong Group unveiled plans in London to regenerate Britain's famous Crystal Palace Park, home to the Victorian Crystal Palace that housed the Great Exhibition of 1851.
Backed by an investment of 500 million pounds, the project, announced Thursday, will replicate the 900,000 square foot glass halls of the palace that burned down in a 1936 fire, as well as the 180-acre Crystal Palace Park.
Professor Hideo Yamazaki, Kinki University: We estimated concentration levels to be so low they wouldn’t be detectable in the U.S., but the fact they found contaminated fish off the coast of the U.S. really shocked us […]
NHK: Researchers at Stanford University in April sent twenty 3-gram slices of tuna to Japan, but Customs agents at Kansai International Airport stopped them. They said proper documentation was missing. […]
A car chase that started near the White House ended on Capitol Hill in Washington, D.C., Thursday, as police shot and killed the unarmed 34-year-old driver just outside the Capitol Building. Two law enforcement agents were injured in the pursuit.
Friday, October 4, 03:22 GMT: Miriam Carey, driver in Thursday’s car chase in Washington, D.C., suffered from post-partum depression after the birth of her daughter Erica just over a year ago, Carey’s mother told ABC News.