Stock Futures Slip Amid Washington Fiscal Drama
NEW YORK ( TheStreet) -- Stock futures took a downbeat tone Wednesday as the fiscal drama in Washington dragged on amid a fast-approaching Oct. 17 deadline for raising the nation's debt ceiling.
While the U.S. budget talks are expected to reach some kind of resolution allowing for a resumption of non-core government services in a couple of weeks or less, there were still jitters about a prolonged impasse that could hamper the economic recovery. Investors expressed concern that lawmakers could harden their positions forcing a gridlocked on the bigger issue of a debt ceiling.
Futures for the S&P 500 were falling 12 points, or 10.55 points below fair value, to 1,677.5. Futures for the Dow Jones Industrial Average were slumping 77 points, or 67.70 points below fair value, to 15,043. Futures for the Nasdaq were slipping 17 points, or 16.85 points below fair value, to 3,228.5.
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