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[video] Quick Take: Stocks Directionless on D.C. Stopgap

NEW YORK ( TheStreet) -- Equity markets are moving higher on Friday, as hope for a resolution to the government shutdown draws near, said Brittany Umar of TheStreet.

Reportedly, The GOP is willing to lift the government shutdown, as well as raise the debt ceiling in return for spending cuts. One company executive speaking out about the government shutdown is Howard Schultz, CEO of Starbucks (SBUX - Get Report).

The stock moved higher, as the company rolled out its 'Come Together Petition' urging customers to sign online, in-store, or by liking on Facebook to end the shutdown.

The petition specifically calls three things to action: To reopen the government, pay the debt on time, and reach a comprehensive budget deal by the end of the year.

Shifting to earnings, Umar said that Wells Fargo's (WFC - Get Report) revenues slipped due to a slowdown in its mortgage business and J.P. Morgan (JPM - Get Report) reported its first quarterly loss under CEO Jamie Dimon.

Despite the earnings loss, TheStreet's Antoine Gara suggested that a silver lining exists: J.P. Morgan's investment banking business is firing on all cylinders.

The firm continues to take market share in the M&A space and is hauling in huge revenues from the robust IPO market, he concluded.

-- Written by Bret Kenwell in Petoskey, Mich.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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JPM $63.91 -0.88%
SBUX $55.55 -0.71%
WFC $53.35 -1.30%
FB $90.68 1.10%
GOOG $628.18 -1.50%


Chart of I:DJI
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S&P 500 1,979.16 -8.50 -0.43%
NASDAQ 4,805.43 -7.2780 -0.15%

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