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MarketWatch for Friday, October 3, 2013

If you're keeping on top of the stock markets this morning, Friday, October 3, 2013...
If you're keeping on top of the stock markets this morning,  Friday, October 3, 2013...

The Nikkei is down 133 points today in Tokyo.
On Wall Street, the Dow slide another 136 points Thursday.
And the Nasdaq lost 40.

On the first Friday of every month, investors look forward to the unemployment report, but not today. The Labor Department delayed the release of this-- often times - market moving jobs report -- because of the government shutdown.

Concerns about the impact a prolonged shutdown would have on the economy sent stocks lower, again. Some analysts estimate if the budget stalemate were to continue 3 or 4 weeks, it could shave about half a percent from an economy that's only expanding by about 2 and a half percent a year.

The Treasury Department warns that if the budget fight continues and Congress fails to raise the debt ceiling by mid October, the country will be unable to pay its bills and the economy could be plunged into another recession.

The shutdown could affect your ability to get a mortgage. That's because banks must verify a borrower's income with the IRS, but because of the shutdown, the agency won't be available to handle the paperwork the banks need to close on the loans. 

Wells Fargo, the nation's biggest mortgage lender, has already said new mortgage applications will not get completed until after the shutdown ends and when borrower's income claims can be officially verified.

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