Stocks open higher on Friday even as a potential government shutdown looms
Stocks rose in early Friday trading, even as market watchers considered the probability of a federal government shutdown.
The early gains come after a wild – mostly bearish – week where investors digested a Federal Reserve rate hike and the Thursday resignation of another cabinet member.
The Dow Jones industrial average gained 149 points, or 0.65 percent, to 23,009 in early Friday trading. The Standard & Poor’s 500 increased 6 points, or 0.21 percent, to 2,472.
The tech-heaving Nasdaq was up 0.05 percent, while the Russell 2000 – an index of small-company stocks — added 0.07 percent.
All four indexes have lost more than 5 percent since the end of last week through Thursday’s close.
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All eyes are on the Senate as it prepares to vote Friday on a temporary funding bill passed by the House on Thursday night that could keep the federal government open through Feb. 8. The bill’s chances of getting 60 votes to pass the Senate remain uncertain after the House inserted $5.7 billion to go toward funding president’s Trump’s border wall, an issue Democrats oppose.
On Friday morning, Trump urged Senate Majority Leader Mitch McConnell to use the so-called “nuclear option” – which requires only a simple majority – to pass the measure.
The shutdown debacle comes after Defense Secretary Jim Mattis resigned on Thursday and central bank hiked a benchmark interest rate on Wednesday, upsetting the stock market.
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