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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
Wall Street Monitor
2 Sep 14 23:51:54
$TSLA: Tesla Jumps as Stifel Projects Share Price to Reach $400 http://t.co/vD03GZhjdE http://t.co/3ozt6WHLps
Anthony
2 Sep 14 23:50:59
RT @Benzinga: Stifel Bullish On Tesla Motors $TSLA http://t.co/H27qCXCBFt
Zonebourse News
2 Sep 14 23:45:03
PRESSE: Nissan perd un candidat potentiel à la succession de Carlos Ghosn http://t.co/1q9cRyd84I $GM $7201 $TSLA $RNO
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2 Sep 14 23:43:05
PRESSE: Nissan perd un candidat potentiel à la succession de Carlos Ghosn http://t.co/hjwIUkkdyO $GM $7201 $TSLA $RNO
US Banking News
2 Sep 14 23:42:37
Short Interest in Tesla Motors Drops By 6.5% $TSLA http://t.co/NLPAaojcJn
chartguy89
2 Sep 14 23:36:22
TSLA 284.12 Stock Charts $TSLA Tesla Motors Inc. (NASDAQ) Last Updated: 09/03/2014 01:36:21 TSLA Stock Chart - http://t.co/zX3cOIpBOG
WallStreetsGemini
2 Sep 14 23:32:53
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2 Sep 14 22:53:26
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Stock Market Monitor
2 Sep 14 22:52:14
$TSLA: Tesla hits new highs on bullish call http://t.co/rDmOhW7lfI http://t.co/5lTC3bK45H
BUZZ Just-In
2 Sep 14 22:33:29
These assets are seeing a jump in tweets $AAPL Sensex USDJPY $TSLA EURJPY http://t.co/OGBUMH8KRt
kcfaul
2 Sep 14 22:30:24
@ValaAfshar @hnshah $TSLA isn't far behind
DaveT
2 Sep 14 22:29:40
3/ $TSLA Model S is impressive cause it's showing that it's the best car in it's market segment, even attracting people from other segments.
DaveT
2 Sep 14 22:28:39
2/ $TSLA People usually look for the best car, SUV, etc with a certain budget in mind.
Scott Smith
2 Sep 14 22:27:25
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DaveT
2 Sep 14 22:27:11
1/ $TSLA People often think of EVs in terms of the market for electric cars, but that's incorrectly viewing how people buy/shop for cars.
Peter
2 Sep 14 22:25:59
$TSLA - MARKET SNAPSHOT: Stocks End Lower, But S&P 500 Holds Above 2,000 http://t.co/CZBLV56nGp
sauve pierre
2 Sep 14 22:25:57
$TSLA - MARKET SNAPSHOT: Stocks End Lower, But S&P 500 Holds Above 2,000 http://t.co/lq1TsUQhsw
Pzaa...Guy
2 Sep 14 22:25:56
$TSLA - MARKET SNAPSHOT: Stocks End Lower, But S&P 500 Holds Above 2,000 http://t.co/ICLvlMbRnU
StockNews
2 Sep 14 22:25:54
$TSLA - MARKET SNAPSHOT: Stocks End Lower, But S&P 500 Holds Above 2,000 http://t.co/PPfS5PlA0d
wallstreetstock
2 Sep 14 22:25:47
$TSLA - MARKET SNAPSHOT: Stocks End Lower, But S&P 500 Holds Above 2,000 http://t.co/t5l0aCTRPh
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2 Sep 14 22:25:42
$TSLA - MARKET SNAPSHOT: Stocks End Lower, But S&P 500 Holds Above 2,000 http://t.co/qUDMq9QkNF
etoubleau gilles
2 Sep 14 22:25:07
RT @jmcduling: Wall Street running out of superlatives for Tesla http://t.co/3CTo7fXXZr $TSLA http://t.co/mvKuSKzbWO
Peter
2 Sep 14 22:23:36
$TSLA - MARKET SNAPSHOT: S&P 500 On Pace To End Lower, Clings To 2,000 http://t.co/IBQ3g1jYox
sauve pierre
2 Sep 14 22:23:34
$TSLA - MARKET SNAPSHOT: S&P 500 On Pace To End Lower, Clings To 2,000 http://t.co/TfS0loQVCj
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2 Sep 14 22:23:33
$TSLA - MARKET SNAPSHOT: S&P 500 On Pace To End Lower, Clings To 2,000 http://t.co/7gxvp03jg8
StockNews
2 Sep 14 22:23:31
$TSLA - MARKET SNAPSHOT: S&P 500 On Pace To End Lower, Clings To 2,000 http://t.co/Md6P0lLwCc
wallstreetstock
2 Sep 14 22:23:23
$TSLA - MARKET SNAPSHOT: S&P 500 On Pace To End Lower, Clings To 2,000 http://t.co/pLNbRI4CqT
Solo traders
2 Sep 14 22:23:15
$TSLA - MARKET SNAPSHOT: S&P 500 On Pace To End Lower, Clings To 2,000 http://t.co/hZoVrPPeCX
Peter
2 Sep 14 22:21:09
$TSLA - MARKET SNAPSHOT: S&P 500 Falls Back Under 2,000 As Stocks Slip http://t.co/w5E06UkNZe
sauve pierre
2 Sep 14 22:21:07
$TSLA - MARKET SNAPSHOT: S&P 500 Falls Back Under 2,000 As Stocks Slip http://t.co/3OcXtIRz8q
Pzaa...Guy
2 Sep 14 22:21:06
$TSLA - MARKET SNAPSHOT: S&P 500 Falls Back Under 2,000 As Stocks Slip http://t.co/sf6E2eVVUD
wallstreetstock
2 Sep 14 22:20:54
$TSLA - MARKET SNAPSHOT: S&P 500 Falls Back Under 2,000 As Stocks Slip http://t.co/30MXXxCCaJ
Solo traders
2 Sep 14 22:20:49
$TSLA - MARKET SNAPSHOT: S&P 500 Falls Back Under 2,000 As Stocks Slip http://t.co/J3sDIdN76d
StockNews
2 Sep 14 22:20:08
$TSLA - MARKET SNAPSHOT: S&P 500 Falls Back Under 2,000 As Stocks Slip http://t.co/I6e7VPrv9O
Peter
2 Sep 14 22:16:23
$TSLA - MARKET SNAPSHOT: S&P 500 Dips, But Apple, Staples, Tesla Pop http://t.co/Ia5eWJNmGJ
sauve pierre
2 Sep 14 22:16:21
$TSLA - MARKET SNAPSHOT: S&P 500 Dips, But Apple, Staples, Tesla Pop http://t.co/eNqCMIvBvB
Pzaa...Guy
2 Sep 14 22:16:19
$TSLA - MARKET SNAPSHOT: S&P 500 Dips, But Apple, Staples, Tesla Pop http://t.co/s3CjpDT1IG
StockNews
2 Sep 14 22:16:18
$TSLA - MARKET SNAPSHOT: S&P 500 Dips, But Apple, Staples, Tesla Pop http://t.co/YrOeqv2TFi
wallstreetstock
2 Sep 14 22:16:06
$TSLA - MARKET SNAPSHOT: S&P 500 Dips, But Apple, Staples, Tesla Pop http://t.co/m8JNkpcuiW
Solo traders
2 Sep 14 22:16:01
$TSLA - MARKET SNAPSHOT: S&P 500 Dips, But Apple, Staples, Tesla Pop http://t.co/VAgjOsAvqm
Pavol S
2 Sep 14 22:14:57
“various mathematical gymnastics” http://t.co/JbYxBPJQgD $TSLA
wallstreetstock
2 Sep 14 22:08:22
$TSLA - MARKET SNAPSHOT: Stocks Gain Ahead Of ISM Data; S&P Hits Intraday Record http://t.co/zhrzhsCIqF
Peter
2 Sep 14 22:08:20
$TSLA - MARKET SNAPSHOT: Stocks Gain Ahead Of ISM Data; S&P Hits Intraday Record http://t.co/1UOUhPisa2
sauve pierre
2 Sep 14 22:08:18
$TSLA - MARKET SNAPSHOT: Stocks Gain Ahead Of ISM Data; S&P Hits Intraday Record http://t.co/73XedaTroJ
StockNews
2 Sep 14 22:08:17
$TSLA - MARKET SNAPSHOT: Stocks Gain Ahead Of ISM Data; S&P Hits Intraday Record http://t.co/otMzg8Quf4
Solo traders
2 Sep 14 22:08:12
$TSLA - MARKET SNAPSHOT: Stocks Gain Ahead Of ISM Data; S&P Hits Intraday Record http://t.co/KV4lufA0OJ
Pzaa...Guy
2 Sep 14 22:08:09
$TSLA - MARKET SNAPSHOT: Stocks Gain Ahead Of ISM Data; S&P Hits Intraday Record http://t.co/Z4hqqXeXho
Royal J. Banks
2 Sep 14 21:57:26
$TSLA went ham today.
Bryan Ferraro
2 Sep 14 21:56:01
RT @Lebeaucarnews: $TSLA soars to new all-time high of $277.68 following Stifel upgrade w/ new price target of $400
				
				
By  +Follow October 2, 2013 2:15PM
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