The stock market is down today, but it’s not the only thing that’s fallen.
As of 11:30 AM on October 27th, 2021, the S&P 500 is down 0.26% and the Dow Jones Industrial Average is down 0.36%. This means that in a single day, investors have lost approximately $35 billion in value. However, this isn’t the only thing that has fallen over the past 24 hours. The United States’s political climate has also taken a hit as two major pieces of legislation were introduced and rejected in a matter of hours.
What caused the stock market to fall?
The stock market fell on October 27th due to news that House Speaker Nancy Pelosi had rejected President Boris Johnson’s latest proposal for avoiding a government shutdown. This plan was presented to her by Secretary of State for Exiting the European Union David Lidington on October 26th and would have allowed Britain to leave the European Union while also avoiding a no-deal Brexit.
Johnson‘s plan involved putting forth an amendment to Theresa May’s Withdrawal Agreement Bill that would require Johnson to ask for an extension from Brussels if he failed to get his deal through Parliament by November 1st.