By Julia Edwards
NEW YORK (Reuters) - The threat of a government shutdown eclipsed all other market drivers on Monday as Congress appeared unlikely to reach a budget deal before midnight that would keep federal agencies running.
For the most part, markets have weathered shutdowns in the past. In the 11 instances in which the federal government closed its doors since 1981, the median change for the S&P 500 is a gain of 0.1 percent, followed by a median increase of 2.8 percent in the following month, according to Bank of America- Merrill Lynch research.
Most shutdowns are relatively short, at three days or less. Even the 21-day closure in December 1995 failed to shake the market.
Source: Bank of America-Merrill Lynch
(Reporting by Julia Edwards; Editing by Dan Grebler)