I’ll keep this short and to the point.
First of all, the stock market had a horrible day BECAUSE of the budget deal.
MARKET SNAPSHOT: U.S. Stock Losses Intensify After Senate Vote
I’m watching the numbers now, and stocks will be closing near their lows of the day. People are putting their money where their pocketbook is and saying that the budget deal will hurt the economy.
How much will it hurt the economy?
JPMorgan Chase has an early answer to that question.