NEW YORK ( TheStreet) -- TheStreet's Gregg Greenberg has the midday market update, as the government shutdown continues to plague stocks.

Equities initially rallied on Wednesday morning, with the confirmation that Janet Yellen will be the next chairwoman of the Federal Reserve.

Perhaps in just delaying the inevitable, the 'Yellen rally' only lasted for several minutes, before the broader market continued to move lower amid renewed fears over the government shutdown and the heightening risk of a U.S. default.

Greenberg reiterated that President Obama will negotiate with Republicans if they are willing to raise the debt ceiling and end the government shutdown.

He is even willing to settle for a temporary resolution, which would last roughly four to six weeks.

Regarding individual stocks, Men's Wearhouse ( MW) soared on the news that Jos. A. Bank Clothiers ( JOSB) was looking to bid $2.3 billion in a takeover move.

Alcoa ( AA) is one of the rare stocks in the green, after rising aluminum prices helped boost its earnings results.

Costco Wholesale ( COST) and Yum! Brands ( YUM) both opened the day lower, on less than stellar earnings reports -- although the former has rallied and is currently positive on the day.

-- 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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