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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
swells
1 Oct 14 12:23:48
Tesla Motors September U.S. sales (estimate) http://t.co/bvlbqa52yx $TSLA
♔Christopher Price♔
1 Oct 14 12:23:26
Tesla Motors September U.S. sales (estimate) $TSLA http://t.co/uChI0xywWv
Kirill Klip
1 Oct 14 12:23:04
RT @ILCtsxv: Governor of Nevada Brian Sandoval in one sentence: ”Elon Musk Can Convert The Unthinkable Into Reality“ http://t.co/ARNIlyvzzf…
Ron DeLegge
1 Oct 14 12:20:08
WATCH: 3 Reasons to Take Ron DeLegge's #PortfolioReportCard challenge https://t.co/DX2DlaReP6 $VWO $BOND $PTTRX $SCHB $NFLX $TSLA $GLD
EMini Futures
1 Oct 14 12:16:24
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Quantpost Cnsmr Good
1 Oct 14 12:14:59
$TSLA News Alert: http://t.co/3RaSzJYwAf Updated options view: https://t.co/jcWkSkR6kg All options views: https://t.co/dUHzbxOXOr
MarketCurrents
1 Oct 14 12:14:53
Tesla Motors September U.S. sales (estimate) http://t.co/i5JtJtArBc $TSLA
Winborn Traders
1 Oct 14 12:11:31
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Sufiy
1 Oct 14 12:10:49
RT @ILCtsxv: Governor of Nevada Brian Sandoval in one sentence: ”Elon Musk Can Convert The Unthinkable Into Reality“ http://t.co/ARNIlyvzzf…
Sufiy
1 Oct 14 12:10:47
RT @ILCtsxv: “@kirillklip: CNET has made a great presentation of #Tesla Model S, the future is here now. $TSLA $LIT $ILC.v http://t.co/ARNI…
Erwin Giron
1 Oct 14 12:10:26
RT @LongShortDweeb: @Stocksage2 Friend @WizardofStocks is that not what u do? Difference is u bash real traders We bash u cuz ur a fraud w…
Guru Algo Trading
1 Oct 14 12:08:49
RT Amateurs being wiped out $MSFT $CSCO $LNKD $INTC $PCLN $BIDU $GOOG $FB $AMZN $NFLX $TSLA $BABA $AAPL $QQQ #HFT
Stockaholics
1 Oct 14 12:07:48
New, SECRET penny stock alert coming today! Check it out: http://t.co/A2y8IBJKSf $CMS $MOS $TSLA
InternationalLithium
1 Oct 14 12:06:57
RT @kirillklip: Governor of Nevada Brian Sandoval in one sentence: "Elon Musk Can Convert The Unthinkable Into Reality" http://t.co/tQsKKQh…
Winborn Traders
1 Oct 14 12:06:05
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Quang Doan
1 Oct 14 12:01:46
wake up my #CentralBankers. longs are getting killed in the market. it is crashing. kick in the my program..... lol $ES_F $SPY $AAPL $TSLA
TSLA Speedreader
1 Oct 14 11:59:58
$TSLA #Tesla Video: 5 Tech Stocks Shaking Up The Auto Industry http://t.co/kHAGyknPFe
Jason Saragian
1 Oct 14 11:59:13
Finally, the $LNKD break was 204. $TSLA was 244. $AMZN was $322...all on volume #BreakingBad
ÐANE ŚTAR
1 Oct 14 11:46:37
Some stocks I'm buying/bot on this dip... $FB $TSLA $SCTY $CSIQ $FFIV #TWEETSHOW #TWEETHEAT
ARK Indu Innovation
1 Oct 14 11:45:01
MT @ETFtrends: New #ETFs for Disruptive, Game-Changing Stocks @ARKindu @ARKwebx0 http://t.co/4Alnh8wKYZ $ARKQ $ARKW $TSLA $SSYS
Winborn Traders
1 Oct 14 11:42:12
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BUZZ Just-In
1 Oct 14 11:40:18
These assets are seeing a jump in tweets $TWTR $SPX $FB $MSFT $TSLA http://t.co/jKTpLpMTJb
DK1
1 Oct 14 11:39:11
$TSLA nice early response from 21sma Buy...so far
Ken Monahan
1 Oct 14 11:38:22
So when do the $TSLA fan-boys turn up to smoke the huge short interest? $230? $225?
Vlad Mazek
1 Oct 14 11:37:38
Trouble with the #momo $AMZN $TSLA $GPRO $AAPL $GOOG is that there are good "market" reasons to sell them yet none of those mattered all '14
The Daytrade
1 Oct 14 11:37:14
$TSLA straight up from those record sales #s, nice relative strength to mkts
Vlad Mazek
1 Oct 14 11:36:58
Scalped a few $AAPL $GPRO $TSLA and made a little bit of money but not putting anything big long/short into this chopfest.
nobullshytrader
1 Oct 14 11:36:45
$TSLA gettin sum nice bounce action (cant believe i'm actually long this turd)
TakingStock614
1 Oct 14 11:36:17
Sld 1/2 $TSLA 238.15 (235.9E) +2.25. A quickie!!!
Carolyn B Miciano
1 Oct 14 11:34:48
Detailed webinar on Weekly options http://t.co/MMkkKwho9T $CMG $TSLA $BIDU
Winborn Traders
1 Oct 14 11:30:18
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Mark B. Spiegel
1 Oct 14 11:26:41
RT @TeslaAgnostic: $TSLA Tesla sold just 104 Model S in Norway in September, haha, F U Elon :-) http://t.co/Bc5WY0XQvx
Quang Doan
1 Oct 14 11:22:01
$TSLA is getting bullish oversold. bounce fast.....
Rob Moreno
1 Oct 14 11:19:47
$TSLA Nearing One Year Support Line http://t.co/flKESDz0Q9
Winborn Traders
1 Oct 14 11:18:48
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EMini Futures
1 Oct 14 11:15:38
Get Your 7-day Free Trial $ES_F Live Trading Room Visit http://t.co/TVcNGpes4X $SPY $FB $NQ_F $SPX $YM_F $TSLA $NFLX $TWT $QQQ $DJI
Kenny Wolf
1 Oct 14 11:15:06
RT @SkevaBoy: $AAPL $FB $TSLA $FEYE $NQ $FAS Buying opportunity
Skevaboy
1 Oct 14 11:11:30
$AAPL $FB $TSLA $FEYE $NQ $FAS Buying opportunity
Lord Νιcholas
1 Oct 14 11:11:15
RT @PaulJSingh: Next $TSLA short target is in the $230-232 range
Mehmet F. Dicle
1 Oct 14 11:10:58
IMO: bounce from 235 to 238 is a bull trap for the weekly calls. $TSLA
TSLA Speedreader
1 Oct 14 11:10:53
$TSLA #Tesla Model S with the mountains of Kazakhstan as a backdrop, sent to us by Tesla owne... http://t.co/IcJtWfiib3
NYC Trader
1 Oct 14 11:10:30
RT @PaulJSingh: Important strategy for market, exiting shorts, playing bounces $SPY $TWTR $TSLA & $GPRO entry. Last free vid http://t.co/A…
mark
1 Oct 14 11:10:27
http://t.co/e64NkU2cXR $TSLA support trendline
PK
1 Oct 14 11:09:00
$UVXY $Apple -1% $tsla -2% $FB -3% and I'm sure u can guess $twtr % - ? $SPY dip continues
Paul J. Singh
1 Oct 14 11:07:03
Important strategy for market, exiting shorts, playing bounces $SPY $TWTR $TSLA & $GPRO entry. Last free vid http://t.co/A0lGbkrjMX
live to surf
1 Oct 14 11:06:44
Hated $tsla last couple weeks but liking it now for a pop to 240-242 area
DK1
1 Oct 14 11:06:33
$TSLA was/is 21sma Weekly bounce play fyi
crawfish_poboy
1 Oct 14 11:05:32
RT @LongShortDweeb: @Stocksage2 Friend @WizardofStocks is that not what u do? Difference is u bash real traders We bash u cuz ur a fraud w…
Mike
1 Oct 14 11:03:24
RT @LongShortDweeb: @Stocksage2 Friend @WizardofStocks is that not what u do? Difference is u bash real traders We bash u cuz ur a fraud w…
Mike
1 Oct 14 11:02:57
RT @LongShortDweeb: RT @WizardofStocks how many remember that i was never down 100% on $TSLA short when its at $60 / Right we remember -300…
				
				
By  +Follow October 2, 2013 2:15PM
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