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Stocks Nudge Lower with No End to D.C. Showdown in Sight

By  +Follow October 2, 2013 2:15PM
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The tense atmosphere of uncertainty resulting from a second day of government shutdown on Wednesday proved to be too much for stocks, as indices were down across the board.

After Tuesday’s surprising rally, the Standard & Poor’s 500 was down 0.07 percent by the closing bell to 1,693.87 points, while the Dow Jones Industrial Average was off 0.39 percent to 15,133.14 points, and the NASDAQ edged down 0.08 percent to 3,815.02 points.

The partisan impasse currently forcing the federal government into skeleton crew-mode for going on two days now will cause key economic data generated by government institutions, considered “non-essential,” to be put on hold until the nation’s political system is back up and running. This has left investors with little else to go on but their own anxiety, even as the political class seems more unwilling, or unable, than ever to remedy the situation.

Economic data was not completely absent from the picture, however. The monthly private payrolls report from Automatic Processing Data (ADP) was released indicating that privately-owned US companies added 166,000 employees to the rolls during the month of September, a bit shy of the average of economists’ expectations of a gain of 180,000. The figure for August was revised down from the previous 176,000 figure to 159,000.

Basic Materials stocks were a major support to the S&P, with significant gains for The Mosaic Company (MOS) , Cliffs Natural Resources Inc. (CLF) , and United States Steel (X) . Still, the index ended lower under pressure from substantial losses for companies who benefit from their work with the government, including many in the industrial goods/defense sector; United Technologies ($UTX), Raytheon Co. (RTN) , and Lockheed Martin (LMT) were all lower by the closing bell.

On the Dow, Coca-Cola (KO) and American Express (AXP) suffered the day’s largest percentage declines behind United Technologies. On the other end of the index, Microsoft (MSFT) was up about one percent after Wednesday’s news of an effort to remove founder Bill Gates from the company’s Board of Directors.

On the NASDAQ, shares of video-game maker Electronic Arts Inc. (EA) dropped after the company’s announcement that its wildly popular NCAA-themed series of sports games would be discontinued next year as a result of a lawsuit from former college athletes. Tesla Motors Inc. (TSLA) was over 6 percent off after a video of one of its Model S sedans in flames after a relatively small accident went viral.

 

 

[Image Courtesy of Wikimedia Commons]

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


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Results for TSLA
Brisbon
26 Nov 14 21:12:10
@TheTradingNinja I say the same for $tsla
Taufiq Husain
26 Nov 14 20:10:38
Purely based on P/E ratio, $AAPL, $MSFT & $GOOGL are highly undervalued compared to $FB, $TWTR or $TSLA and let's not even talk abt $AMZN.
4-traders.com
26 Nov 14 20:05:02
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steu l.
26 Nov 14 19:50:57
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mustped
26 Nov 14 19:41:22
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Denae Pridgen
26 Nov 14 19:09:17
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Gibson Larkin
26 Nov 14 18:38:54
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26 Nov 14 18:34:22
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26 Nov 14 18:30:35
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TSLA Speedreader
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26 Nov 14 17:28:16
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26 Nov 14 17:12:49
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None Ya
26 Nov 14 17:08:44
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Mehmet F. Dicle
26 Nov 14 17:03:43
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Denny
26 Nov 14 17:03:27
RT @racernic: $tsla nice bounce but giving it back up. closing my credit put spread for almost max gain.leftover trade from a complex short…
Mark B. Spiegel
26 Nov 14 16:46:01
Yet more competition for $TSLA: BMW 3 Series plug-in hybrid http://t.co/dkmw3gTQro
4-traders.com
26 Nov 14 16:40:03
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Shannon
26 Nov 14 16:35:58
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Leonie Machado
26 Nov 14 16:33:22
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Keenan Jett
26 Nov 14 16:29:02
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26 Nov 14 16:23:44
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The Termintrader
26 Nov 14 16:13:47
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Petrina Bostic
26 Nov 14 15:46:41
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26 Nov 14 15:32:35
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Cinda Mock
26 Nov 14 15:27:54
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msputoptions
26 Nov 14 15:00:07
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26 Nov 14 14:47:48
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Wealth Management
26 Nov 14 14:47:11
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26 Nov 14 14:38:19
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Mexicanobulls
26 Nov 14 14:33:43
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26 Nov 14 14:32:28
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26 Nov 14 14:32:27
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26 Nov 14 14:30:15
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Azucena Lovett
26 Nov 14 14:29:55
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26 Nov 14 14:29:24
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26 Nov 14 14:28:52
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TSLA Speedreader
26 Nov 14 14:24:03
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26 Nov 14 14:14:49
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Trader
26 Nov 14 14:04:59
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26 Nov 14 14:04:24
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26 Nov 14 14:01:00
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26 Nov 14 13:56:18
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26 Nov 14 13:55:53
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26 Nov 14 13:52:39
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26 Nov 14 13:48:18
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26 Nov 14 13:47:17
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26 Nov 14 13:46:52
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By  +Follow October 2, 2013 2:15PM
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