Weekly Roundup: Spending showdown in Washington

	Weekly Roundup SEPTEMBER 27, 2013 To all Gmail users: To ensure that you continue to see your MarketWatch emails, please drag and drop one of our emails into your Primary tab and click "Yes" when asked if you would like to do this for future messages from MarketWatch. You can also add "MarketWatch" to your Gmail contacts list or filters. Spending showdown in Washington Top stories for the week of Sept. 23-27 By Ruth Mantell, MarketWatch This week the world watched in dismay, again, as U.S. lawmakers proved, again, that they can delay critical spending decisions longer than markets and pretty much anyone outside of Washington thinks is a good idea. Friday afternoon the U.S. Senate approved a spending bill that dumped a defunding provision from House Republicans aimed at gutting the president's heath-reform law. It's unclear whether Congress will be able to approve a spending bill in time to prevent a government shutdown next week. And then there's the partisan wrangling over the debt ceiling. Even just a hint that the U.S. might not raise the debt ceiling could hurt the economy, according to economists at IHS Global Insight. "They raise the perceived risk of doing business with the federal government among holders of Treasury securities and companies with government contracts. Such risk may eventually be seen in higher interest rates and lower equity values," according to IHS Global Insight. Good times. Elsewhere in the economy, J.C. Penney struggled this week and Nike shares leaped. The housing market got a breather from rising mortgage rates. U.S. stocks posted their first weekly drop since August. Stay tuned to MarketWatch this weekend for all the news you need on investing and retirement. —Ruth Mantell Congress bickers as government shutdown, debt ceiling loom Friday afternoon President Barack Obama urged House Republicans to avert a government shutdown by approving a measure to keep it running at least through mid-November. The president also reiterated his call for Congress to raise the federal debt ceiling, vowing he would not negotiate on the issue. Obama urges House Republicans to avert shutdown Will government shutdown hit commodities? The federal government is facing a shutdown next week, but that doesn't necessarily mean that oil prices will take a hit or that gold will get a safe-haven boost. Gold, oil and government shutdowns Nike shares jump Nike (NKE) shares, which debuted Monday as a part of the Dow Jones Industrial Average, jumped 5% Friday to a record $74 after the company reported late Thursday better-than-expected quarterly profit and sales. Nike does it again; shares hit a record high J.C. Penney shares tumble J.C. Penney (JCP) shares lost 30% of their value this week on concerns about the retailer's liquidity. Part of the plunge came after the company said it sold 84 million shares to raise cash for its general purpose fund. J.C. Penney shares tumble to a near 13-year low on fresh liquidity concerns Whither Twitter? The Nasdaq Stock Market has for decades billed itself as the natural home for up-and-comers from the technology sector. But, lately, when tech start-ups get ready to go public, more of them are giving the New York Stock Exchange , Nasdaq's staid arch rival, a good, long look. Facebook fiasco may chase Twitter to NYSE 30-year-mortgage rate retreats from two-year high Home buyers are getting a break from escalating mortgage rates, a pause that may at least temporarily support a housing market that is showing signs of cooling down. Housing gets a break from rising rates Consumer spending picks up Consumers opened up their wallets in August and spent more in July than previously reported. Consumer spending bounces back in August Learn more about Obamacare The central provision of Obamacare — the new health-insurance marketplaces — is scheduled to debut in less than a week. Yet after four years of debate and discussion about the Affordable Care Act, many Americans have little idea about what the new health-care law does. 5 things you don't know about Obamacare Striking out on your own For some recent college graduates, it's time to move back in with their parents. But with careful financial planning, they needn't stay there long. The cost of leaving Mom and Dad's house Better be the best cake EVER Recipe calls for flour, eggs, sugar, diamonds and sapphires. 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