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Market Commentary - Page 6

Despite a week filled with news from the Federal Reserve, economic data and corporate earnings reports, none of this data appeared to be a meaningful directional driver for stocks.

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Earnings season is underway with overall results holding up fairly well. With roughly half of all companies in the S&P 500 index having reported third quarter earnings, average growth has been 7%,a respectable showing.

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Investors cheered the agreement to kick the can on short-term government funding until Jan. 15 and to extend the debt ceiling until Feb. 7.

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Stocks tumbled early in the week, rebounding strongly on Thursday, in reaction to news of an imminent agreement to extend the federal debt ceiling limit to late November.

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Financial markets appear to be taking the government shutdown in stride, without much alarm, but we see potential risks to the downside if a budget/debt ceiling agreement is not reached soon.

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