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[video] Quick Take: Market Worried About Lack of Jobs Report

NEW YORK (TheStreet) -- While equities initially rallied on the government shutdown news, they are down on Wednesday. Peter Costa of Empire Executions told TheStreet's Debra Borchardt that the price action could be a lot worse.

If this was the debt ceiling, we could be in some serious trouble, according to Costa. The government shutdown we're experiencing now isn't expected to last long, judging by the price action in the markets. While he hates putting his faith in politicians, Costa added that if the debt ceiling goes this bad and turns into gridlock, the market will, without a doubt, react very negatively.

There's also a good chance that we will not get the nonfarm payrolls report on Friday morning because of the shutdown, which isn't helping markets either. Overall, Costa said he remains bullish and thinks we can get through these current events.

Despite these headwinds, investors and money managers are still putting money to work and staying active in the market, which was evident when stock prices moved higher on Tuesday. Costa concluded that if the market was truly worried about a prolonged shutdown or debt ceiling issues, it would be down a lot more. But if those problems do emerge, stocks will certainly take their lumps.

-- Written by Bret Kenwell in Petoskey, Mich.