Wall Street parties as DC finally talks
- 11 years ago
Can Washington get its act together and avoid a debt default?
Wall Street seems to think so after Republican leadership say they will offer a six-week extension to the debt ceiling and lawmakers are called to the White House for a chat.
Investors interpreted a simply sign that the two sides are finally willing to talk as a major buy signal, sending the market up over two percent.
But some investors say this is just the beginning and remember: what the market gives, the market can take away.
S&P Capital IQ's Alec Young sets a timetable.
SOUNDBITE: ALEC YOUNG, GLOBAL EQUITY STRATEGIST, S&P CAPITAL IQ (ENGLISH) SAYING:
"We need to see follow through on all of this. We need to see the government shutdown incorporated into the recently announced debt ceiling negotiations and all this needs to happen fairly quickly. So I would say if by Monday we are not seeing progress we could expect volatility to return."
Quick progress is also what officials gat
Wall Street seems to think so after Republican leadership say they will offer a six-week extension to the debt ceiling and lawmakers are called to the White House for a chat.
Investors interpreted a simply sign that the two sides are finally willing to talk as a major buy signal, sending the market up over two percent.
But some investors say this is just the beginning and remember: what the market gives, the market can take away.
S&P Capital IQ's Alec Young sets a timetable.
SOUNDBITE: ALEC YOUNG, GLOBAL EQUITY STRATEGIST, S&P CAPITAL IQ (ENGLISH) SAYING:
"We need to see follow through on all of this. We need to see the government shutdown incorporated into the recently announced debt ceiling negotiations and all this needs to happen fairly quickly. So I would say if by Monday we are not seeing progress we could expect volatility to return."
Quick progress is also what officials gat