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

By  +Follow October 2, 2013 2:15PM
Tickers Mentioned:

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
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.
26 Nov 14 20:05:02
Tesla Motors : Patent Issued for Extruded Member with Altered Radial Fins http://t.co/hy75L8DOUA $TSLA
steu l.
26 Nov 14 19:50:57
sold $GOOGL Nov4 call verts 4 microquant's 11 hour option strategy,also sold $TSLA, $AMZN, & $CMG Nov4 call verts http://t.co/MROrUP8R1L
26 Nov 14 19:41:22
best ones to trade next week: $AMZN $PCLN $TSLA
Denae Pridgen
26 Nov 14 19:09:17
$ROL Seeking the next stock like $CYH $HOLX $TSLA #NASDAQ http://t.co/UNbNin53u0
Gibson Larkin
26 Nov 14 18:38:54
$IEX Keeping my Eye on $NBR $CMS $TSLA Must see RATE_LIMIT_EXCEEDED
26 Nov 14 18:34:22
RT @crazycanuck655: Ford's new F-150 trucks are shaking up the aluminum industry http://t.co/KujbHqSWdh $AA $F $GM $HMC $TSLA #Stocks #Inve…
Trudi Gary
26 Nov 14 18:34:17
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Mehmet F. Dicle
26 Nov 14 18:30:35
$TSLA If there are drive unit issues with Tesla Model S, wouldn't dual drive P85D have twice the risk and twice the cost?
TSLA Speedreader
26 Nov 14 18:30:31
$TSLA #Tesla Top 5 Markets With Biggest Jump In Home Prices http://t.co/p4q26cfiMR
Shalanda Sage
26 Nov 14 18:03:08
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Anthony Davian
26 Nov 14 17:28:16
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Jenee Lemons
26 Nov 14 17:12:49
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None Ya
26 Nov 14 17:08:44
RT @SwatOptions: $TSLA anyone know what will happen IF gets into 250s??
Mehmet F. Dicle
26 Nov 14 17:03:43
RT @markbspiegel: Yet more competition for $TSLA: BMW 3 Series plug-in hybrid http://t.co/dkmw3gTQro
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
26 Nov 14 16:40:03
Tesla Motors : "Self-Activated Draining System" in Patent Application Approval Process http://t.co/qEiM1T20wS $TSLA
26 Nov 14 16:35:58
$VA totally has the potential to be the next big glamour stock a la $TSLA
Leonie Machado
26 Nov 14 16:33:22
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Keenan Jett
26 Nov 14 16:29:02
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Horacio Irving
26 Nov 14 16:23:44
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The Termintrader
26 Nov 14 16:13:47
Cool shots of Tesla $TSLA factories in tonights #Jeopardy. Got a few right too, woot!
Petrina Bostic
26 Nov 14 15:46:41
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Lael Nation
26 Nov 14 15:32:35
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Cinda Mock
26 Nov 14 15:27:54
$HFC Here are some Stocks to Watch $NUS $SEE $TSLA #liquidity RATE_LIMIT_EXCEEDED
26 Nov 14 15:00:07
I posted this earlier; See what MarketClub says about $PCLN $TSLA and $BABA http://t.co/Pf2g5RqVcf
Rubin Moses
26 Nov 14 14:47:48
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Wealth Management
26 Nov 14 14:47:11
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Carolyn B Miciano
26 Nov 14 14:38:19
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26 Nov 14 14:33:43
$TSLA the bull pattern is confirmed & a BUY signal is issued @ http://t.co/lrLcCy2pch. Buy Level: 3379.9900 Target: 3684.1891
26 Nov 14 14:32:28
Winter Driving Adjustments http://t.co/SMQmG9RT0s #Tesla @TeslaMotors $TSLA
Tom Wrigley
26 Nov 14 14:32:27
$TSLA 248.44 Tesla's Factory Is Fully Updated And Ready To Rock ➜ http://t.co/tu3HWtNmrd
Merideth Walling
26 Nov 14 14:30:15
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Azucena Lovett
26 Nov 14 14:29:55
Todays Stocks you should Watch $CINF $ALTR $SJM $TSLA #economy http://t.co/ZdOBy6qNtk
Cheyenne Bock
26 Nov 14 14:29:24
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Tori Gooch
26 Nov 14 14:28:52
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TSLA Speedreader
26 Nov 14 14:24:03
$TSLA #Tesla Taking Stock: O’Shaughnessy on Investing in ‘Glamour Stocks’ http://t.co/3vPX6NUc26
Rusty Clements
26 Nov 14 14:18:54
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Alycia Adamson
26 Nov 14 14:14:49
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26 Nov 14 14:04:59
Supply/demand: $TSLA. http://t.co/hGLcHO8hvi. Recent basing held, so hoping for a push higher next week.
Shiloh Hobson
26 Nov 14 14:04:24
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Carolyn B Miciano
26 Nov 14 14:01:00
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Thanos Maroglou
26 Nov 14 13:56:18
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Carolyn B Miciano
26 Nov 14 13:55:53
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Marty Cheney
26 Nov 14 13:52:39
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26 Nov 14 13:48:18
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Carina Mata
26 Nov 14 13:47:17
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Carolyn B Miciano
26 Nov 14 13:46:52
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By  +Follow October 2, 2013 2:15PM



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