The Government Shutdown Wasn't So Bad for the Stock Market -- But Avoiding a Shutdown Would Be Even BetterThe Entrepreneur Index™ was up big on Tuesday after the government announced a plan to avoid a shutdown.
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The first government shutdown wasn't so bad for the stock market. In fact, the S&P 500 index bottomed two days after it started and then rose nearly 15 percent as the President and Democrats exchanged barbs over the border wall for the next month.
Investors, however, appeared relieved to avoid a second one. The tentative agreement to keep the government open sent the major indexes up sharply today with the Dow, up 1.49 percent, rising the most.
TheEntrepreneur Index™gained 1.63 percent with just 12 of 60 stocks on the index posting losses.
No news is apparently good news for homebuilderD.R. Horton Inc.While the shutdown of government agencies might arguably affect the real estate market more than many industries, it was otherwise quiet on the news front for the country's biggest builder of homes. The stock, however, was up 7.55 percent -- the biggest gain on the Entrepreneur Index™ today.
Under Armour Inc.was a close second, rising 6.88 percent after the company reported financial results this morning. The stock had one of the wilder days on the market, falling as much as three percent in pre-market trading but quickly rebounding after the company reported results. The clothing maker beat sales and earnings estimates, with strong growth overseas growth outweighing weak sales in North America. The stock is up 25.7 percent this year and 56 percent over the last twelve months.
Thetechnologysector was generally strong with most of the thirteen tech stocks on the Entrepreneur Index™ up sharply. Three of the four FAANG stocks on the index had gains, with onlyFacebook, (-0.45 percent) posting a loss.Netflix, up 4.12 percent, had the biggest jump of the four. ChipmakerNVIDIACorp. (3.22 percent), was also up smartly.
Stock prices were strong across most sectors of the market. Notable gains included specialty retailerBed Bath & Beyond, (3.06 percent), food-makerTyson Foods, (3.28 percent), and drug-makerAlexion Pharmaceuticals, (3.51 percent).
Fund managerBlackRock, which has suffered from market volatility lately, gained 3.1 percent. ConglomerateLoews Corp. clawed back some of the more than six percent decline it had yesterday, rising 3.05 percent.
Chipotle Mexican Grillhad the biggest decline on the Entrepreneur Index™ today, falling 1.61 percent. It had the biggest gain, (3.6 percent), yesterday after it announced the hiring of an Oscar-winning director to draft anadcampaign for the restaurant chain.
Only eleven other stocks on the index declined with eight of those in the REIT sector.Equity Residential, (-1.25 percent), andExtra Space Storage, (-0.96 percent), had the biggest drops among the REITs.
TheEntrepreneur Index™collects the top 60 publicly traded companies founded and run by entrepreneurs. The entrepreneurial spirit is a valuable asset for any business, and this index recognizes its importance, no matter how much a company has grown. These inspirational businesses can be tracked in real time onEntrepreneur.com.
