Budget Talks Break Down Again as Market Climbs
A budget deal between the US President Donald Trump and the Democrats remains elusive, with talks breaking down yet again on Thursday. With a deadline of Wednesday looming, investors are hopeful that a meeting scheduled for today will yield results, as the stock market resumes its climb.
The planned meeting at the White House was the latest attempt to reach a compromise on the budget. However, it ended without agreement, much like previous meetings, including one held on Monday. The lack of progress has not deterred investors, with the Nasdaq 100 gaining 0.9 percent to 24,716 points, inching closer to its record high. The S&P 500 also rose, gaining 0.4 percent to 6,670 points. Experts from JPMorgan have noted that past 'shutdowns' have not had a lasting impact on the stock market, which seems to be reflecting this sentiment. Meanwhile, the Dow barely moved, losing 0.1 percent to 46,199 points.
As the deadline for a budget deal in Congress approaches, all eyes are on today's scheduled meeting between President Trump and the Democrats. While the stock market continues to climb, the lack of a budget deal could potentially impact the flow of new funds, making today's meeting a crucial one.
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