(MENAFN– ecpulse)
Wall Street closed the week slightly in green amid the current budget standoff, which caused President Obama to cancel his trips to Asia, yet there is some optimism grew that the lawmakers would reach a deal to end the budget impass
The government shutdown has entered its fourth day without any resolution as the political conflict between Republicans and Democrats continues.
The losses of the shutdown for one week could cut 0.1 percentage points of fourth quarter GDP, where the main threat remains in the continuity in the dispute may weigh on the critical issue of raising the U.S. debt limit before October 17.
The shutdown also has led the Labor Department to postpone the release of the nonfarm payrolls data scheduled for today.
Obama canceled trips to attend two economic summits in Asia next week as he aims to end the stalemate.
As of 16:15 EST, Dow Jones rose 0.55% to 15078.50 points. Standard & Poor’s 500 rose 0.67% to 1689.95 points while NASDAQ inclined by 0.97% to 3810.79 points.
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