Recapping the day's news and newsmakers through the lens of CNBC.
Today's market preoccupation is no surprise, as virtually everyone agonizes over the effects of a possible government shutdown tomorrow. Stocks were down sharply, while volatility measures jumped. The financial markets may have already priced in a partial shutdown, but a government debt default, should it follow in the middle of October, could be devastating. After big gains this year, the stock market may be poised to pull back anyway, and many experts say it's prudent to move some money to the sidelines.
"The slopes of the last three rallies have been very steep, looking more emotionally driven to us than technically or fundamentally driven."—Mark Arbeter, chief technical strategist at S&P Capital IQ
"The blind optimism [that has driven equities] over the last month will evaporate and that makes us nervous about the next four weeks of trading. Trade is going to shift quickly and sporadically."—IG market strategist Evan Lucas, market strategist at IG
"There's enough noise around this, and the debt ceiling is still in front of us, the market won't like it."—Bob Doll, chief equity strategist at Nuveen Asset Management.
"I'm searching for why the market isn't down more, because it just reads real bad."—CNBC's Jim Cramer