In corporate earnings news, JPMorgan reported its first bet loss of $380 million under CEO, Chairman and President Jamie Dimon and stems from a legal expense of $9.2B. Wells Fargo reported that it beat earnings per share estimates and had a record quarter, but revenues at its mortgage division fell, which was expected.
It is now day 11 of the government shutdown and there has been no deal reached on the debt ceiling issues. President Obama and House Republicans failed to agree on a six-week extension for a higher ceiling, but some progress was seen. The deadline for the debt ceiling is October 17 and if a deal is not reached, the U.S. Treasury said that it could cause severe debt limit fallout.
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