Stocks were up after the Senate voted to end the shutdown with a three week spending bill. The Dow closed up 142 to 26,214. Trading volume was lower on the Dow and higher on the NASDAQ.
Seeking Alpha posted a study about how markets perform during shutdowns. History shows the S&P 500 has fallen an average of 0.6% over a course of the closure period. Companies most affected are those that deal directly with federal agencies like consulting firms, defense contractors and service providers. The beneficiaries of the shutdown are ski areas and local bars where gubment employees go and wait it out.
In local news Celgene will purchase Juno Pharma for about $9 billion as the biotech merger trend heats up. Amazon opened the first retail grocery store where you can walk in, get what you need and walk out. A computer tracking system will monitor your moves and what you put in your bag and then lighten your wallet when you walk out the door. While people seem to be excited about this new store format the local Safeway store has been doing it for years because there is a certain set of “customers” who walk in, grab a coke or bag of chips and then simply walk out. I guess they are ahead of their time.
The scouts had a winter camp this weekend. 21 lunkheads went to Lake Wenatchee and dug snow shelters, cooked, played and had a “’snow” ball. The quality of snow shelters seems to improve every year. The next trip in February is a snowshoe hike. Hopefully it will be cold with tons of snow.