Scoreboard: Manufactured momentum

Wall Street ticked higher as better than expected manufacturing data offset government shutdown dramas.

The market seems to have taken the US shutdown in its stride, although gold and silver were belted – gold off $36 to 1291, while silver fell 2 per cent. Not what you’d expect if you’re looking for safe haven flows. As for the shutdown itself, it isn’t that unusual – during the Reagan administration there were about eight shutdowns; Carter had four or five, and Clinton two. It is the first in 17 years though (the last under Clinton) and that one went for 21 days. Normally they only last a few days though, and in that instance, the economic impact need not be great. Yet the truth is we just don’t know how long this insanity will last.


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