Verizon Communications fell 5.1 per cent after the telecom replaced its chief executive. Dan Schulman, a director at the company and former CEO of PayPal, is taking over for Hans Vestburg.<\/p>\n
Elsewhere on Wall Street, trading was relatively quiet as the stock market continues to largely ignore the US government\u2019s shutdown. Past closures of the federal government have had minimal effect on the stock market or on the economy, and the bet on Wall Street is that something similar will happen again.<\/p>\n
All told, the S&P 500 rose 24.49 points to 6,740.28. The Dow Jones Industrial Average fell 63.31 to 46,694.97, and the Nasdaq composite rose 161.16 to 22,941.67.<\/p>\n
Politics are playing a bigger role in stock markets abroad, as Japanese stocks soared and French stocks slumped following their latest political shake-ups.<\/p>\n
Japan\u2019s Nikkei 225 jumped 4.8 per cent after the country\u2019s Liberal Democratic Party chose Sanae Takaichi as its leader. She was an ally of the late Prime Minister Shinzo Abe, who pushed for lower interest rates and other policies that investors liked.<\/p>\n
The yen\u2019s value dropped against the US dollar on expectations that Takaichi will boost spending, likely adding to inflationary pressures. That in turn helped push up stocks of Japanese exporters, whose products can become more attractive on the global market when the yen is cheaper.<\/p>\n
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\u201cObviously, investors like what she has been saying and certainly today judging by the number of stocks that moved and which stocks moved, it seems like pretty much led by foreigners so far,\u201d Neil Newman, head of strategy at Astris Advisory Japan, said about Takaichi.<\/p>\n
In Paris, the CAC 40 index slumped 1.4 per cent following the resignation of France\u2019s new prime minister.<\/p>\n
S\u00e9bastien Lecornu resigned a day after he named his government, drawing a backlash across the political spectrum for his choice of ministers. French politics have been in disarray since President Emmanuel Macron called snap elections last year that produced a deeply fragmented legislature.<\/p>\n
In the bond market, the yield on the 10-year Treasury rose to 4.16 per cent from 4.13 per cent late Friday.<\/p>\n
The shutdown of the US government likely means delays for US economic reports scheduled for this week, though investors will have some earnings reports to comb through, including from Delta Air Lines, PepsiCo and Levi Strauss.<\/p>\n
Despite the shutdown, the Federal Reserve will release minutes from its meeting last month, when it cut its benchmark interest rate for the first time this year. Much on Wall Street is riding on expectations that the Fed will continue cutting interest rates through this year and into next.<\/p>\n
AP<\/p>\n
The shutdown of the US government likely means delays for US economic reports scheduled for this week, though investors will have some earnings reports to comb through, including from Delta Air Lines, PepsiCo and Levi Strauss.<\/p>\n
Despite the shutdown, the Federal Reserve will release minutes from its meeting last month, when it cut its benchmark interest rate for the first time this year. Much on Wall Street is riding on expectations that the Fed will continue cutting interest rates through this year and into next.<\/p>\n
AP<\/p>\n