More uncertainty. That’s what investors will be faced with for the next few months. And we all know how much the market hates uncertainty.
The biggest questions for Wall Street?
When will the Federal Reserve finally begin to cut back on its $85 billion a month bond-buying program?
Will the U.S. government shut down on October 1st? Will the U.S. government default on its debt?
And what will corporate earnings look like next month?
Investors have been able to breathe a sigh of relief lately since two big concerns are no longer as pressing. The threat of a U.S. strike in Syria no longer appears imminent. And the Fed pleasantly surprised the market Wednesday by deciding to hold off on tapering its quantitative easing program.
The S&P 500 and Dow Jones Industrial Average both rose to record highs this week.
But the S&P, the Dow, and Nasdaq barely budged Friday.
With few earnings or economic reports on the calendar, it’s expected to be a quiet day.
Apple’s stock ticked 1% higher, as sales for the new iPhones kicked off in stores in the U.S., China and seven other countries Friday. Investors are hoping the phones are a hit. Apple needs it. The stock has declined by 33% over the past year.
Darden Restaurants, which operates the Olive Garden and Red Lobster chains, reported weaker-than-expected sales and profits. Darden also said it’s planning workforce reductions. The stock slipped more than 3%.
European markets were mixed in afternoon trading, as Germans look forward to national elections on Sunday. Chancellor Angela Merkel and her center-right Christian Democrats are seeking a third term to run the most powerful economy in Europe. The DAX in Frankfurt was slightly higher.
Most Asian markets had a relatively quiet day. But India’s Mumbai Sensex dropped sharply after the Indian central bank announced it was raising interest rates to stem inflation.
