(MENAFN– ecpulse)
U.S. shares closed in re territories today amid efforts from lawmakers to avert default, with eyes shifting to earnings amid the absence of economic data.
The Standard and Poor’s plunged to four-week low yesterday amid worries the Congress may not be able to vote to raise the U.S. debt ceiling before October 17, which would make the country unable to pay all its bills between October 22 and October 31, according to the Congressional Budget Office.
A critical test vote will take place this week that that would give President Obama authority to raise the $16.7 trillion debt limit.
Investors will focus today on the release of earnings, after the closing of equities on Tuesday, with the kickoff of the earnings season that always starts with the release of Alcoa, the U.S. biggest aluminum producer.
However according to the U.S president today they are "enough reasonable Republicans and Democrats in the House who are willing to vote yes on a budget that the Senate has already passed" and therefore the vote could take place today.\
As of 16:15 EST, Dow Jones dipped 1.87% to 14776.50 points, while NASDAQ fell 2.00% to 3694.83 points. Standard & Poor’s 500 slipped 1.23% to 11655.45 points
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