Markets React to a Week Full of Surprises

Stocks slumped during a shortened holiday week that brought its share of surprises. First President Trump unexpectedly agreed to a three-month extension of the debt ceiling and the federal budget, sending analysts scrambling to handicap what it might mean for policy going forward, tax reform in particular. While the impact remains to be seen, one thing we know is that for now it sets up another round of market anxiety in December when this deal expires. There is certainly a chance that the deal buys some time for Congress to get something positive accomplished in the meantime, but until now that has obviously proven difficult.

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