Stocks ended the week higher today. The Dow jumped 76 points, the S&P 500 jumped 11 points and the Nasdaq rose 33 points. Investors’ fears eased somewhat today after Speaker John Boehner came out and said he would not let the U.S. default. There were fears that the ongoing budget battle was going to interfere with the debt ceiling. Looks like the debt ceiling raise will happen. There could still be some issues with it, though. After all, this is Washington D.C. we are talking about.
Investors have their eyes set on next week. Earnings season is about to get started again with Alcoa kicking things off on Tuesday. Other major companies will follow including Yum Brands and some of the major banks.
Economic data was non-existent today thanks to the government shutdown. The government’s monthly jobs report was delayed today. Expectations were for about 180,000 new jobs to be added to the economy. This would be a gain of about 10,000 from the previous month.
Stocks could be in for another volatile week next week depending on what Washington does. Republicans continue to dig their heels in over the budget. Will they do the same over the debt ceiling? Boehner says no, but who knows what will happen.