1) PG&E (Pacific Gas and Electric) stock has tumbled down with the announcement that its credit rating has been reduced to junk rating because of large possible liabilities from massive claims expected as a result of the wildfires. There are threats of further credit rating reductions.
2) The American budget deficient is expected to top $1 trillion dollars this coming year. This debt could become a serious problem if interest rates rise. It’s unknown what the impact to world economies might be, although other nations and their debts could be adversely affected.
3) There are fears that a prolong government shut down may cause the food stamp program to run out of money in February.
4) 8 JAN 18 Stock market closings: China talks spur markets.
Dow 23,787.45 up 256.10
Nasdaq 6,897.00 up 73.53
S&P 500 2,574.41 up 24.72
10 Year Yield: up at 2.72%
Oil: up at $49.85