Legislators passed an 11th-hour deal to keep the government funded.
Stock futures jumped at the open of trading after U.S. legislators were able to come to a temporary agreement that staved off a government shutdown.with just hours to spare before a midnight deadline Saturday, which was then signed by President Joe Biden into law. The bill keeps the government open for 45 more days, an extended period that lawmakers can use to finalize funding legislation.
"Investors don't like to be run to the edge of the cliff constantly," said Jamie Cox, managing partner at Harris Financial. With "not having a shutdown, we should see a very positive reaction in markets."Investors feared a shutdown could further weigh on a U.S. economy already seeing slowing growth under the weight of the highest interest rates in 15 years.. The broad S&P 500 index finished the month down 4.9% and the quarter 3.
Investors will watch for economic data due Monday on purchasing and construction spending. Later in the week, attention will turn to a string of reports offering insight into the health of the labor market, including Friday's all important monthly payrolls data.Stock futures were higher on Sunday, one day after federal lawmakers came to a temporary agreement that averted a government shutdown.
Futures tied to the Dow rose about 155 points, or 0.5%, shortly after 6 p.m. ET. S&P 500 futures added 0.6%, while Nasdaq 100 futures climbed 0.8%.
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