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Wall Street Steepens Losses on Day Three of Shutdown

By  +Follow October 3, 2013 2:23PM
Tickers Mentioned:

After the previous trading session’s retreat, stocks ended sharply lower on Thursday, as investors seem to be coming around to the accepted view that elected officials in Washington, D.C. will not be soon in resolving their differences over the nation’s budget, as well as the upcoming battle over the debt ceiling.

The situation was perhaps best summed-up by Equities.com contributor George Brooks, who earlier in the day wrote that “The Street is taking this crisis too lightly, confident a deal will be struck, just because failure to do so would roil financial markets worldwide…But, the Street may have it wrong this time. How do you program all those Wall Street computers to make sense about what is happening in Washington?  Not even a computer would believe it.”

Thursday’s economic data consisted of the weekly jobless claims report that indicated the number of people filing for first-time jobless benefits during the previous week was lower than expected at 308,000. Jobless claims overall are at six-year lows, but the shutdown could change this scenario as more and more government workers are furloughed.

Meanwhile, the ISM services index that tracks non-manufacturing activity in the US dropped from 58.6 in August to 54.4 for the month of September, well below expectations of a reading of 57, indicating that growth in the US services sector has slowed substantially over the last month.

The Standard & Poor’s 500 index dropped 0.90 percent to 1,678.66 points, while the Dow Jones Industrial Average was also off by 0.90 percent, dipping below 15,000 to hit 14,996.48 points, and the NASDAQ was 1.07 lower, closing at 3,774.34 points.

Healthcare stocks ended lower on the S&P, with steep losses for Biogen Idec Inc. (BIIB) and Eli Lilly & Co. (LLY) , while services stocks also lagged, with drops from Netflix (NFLX) and The Washington Post Company (WPO) .

All but one of the Dow’s components ended the day in the red. Boeing (BA) , Chevron (CVX) , and E.I. du Pont de Nemours (DD) were all off over 2 percent, while Verizon Communications (VZ) was the only stock to advance at all during Thursday trading.

On the NASDAQ, tech shares created significant downward pressure, with Facebook Inc. (FB) and Groupon (GRPN) dropping sharply, and Angie’s List (ANGI) off over 17 percent ahead of the close after the company’s announcement that it was cutting membership fees shook shareholder confidence.



[Image Courtesy of Flickr Creative 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 FB
30 Jan 15 15:12:40
890 million people a day uses facebook, $FB
The Stock Professor
30 Jan 15 15:08:51
Startups chase virtual reality: http://t.co/LJ6Phu94sw $FB $TWTR $LNKD $BAC
30 Jan 15 15:07:03
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30 Jan 15 15:00:13
#TOPTICKERTWEETS $AAPL $SPY $AMZN $GOOG $BABA $FB $GENE $SPX $USD $FXCM #sentiquant 20150130 18:00:13:735
Rainer Leeb
30 Jan 15 14:57:46
RT @YahooFinance: Facebook and Alibaba are reporting mind-blowing increases in mobile usage http://t.co/cMKvna1i5S via @scheplick $FB http:…
Tyler Nathan
30 Jan 15 14:54:56
This weekend I will be contemplating transitioning into investing heavily in oils $COP $SLB $EOG $BP and tech $FB $QCOM
Financial BUZZ Just-
30 Jan 15 14:50:09
You may be paying much higher spreads for Social Media Stocks http://t.co/xBiy46yR4e $FB $LNKD $TWTR $GRPN $ZNGA #spreadbetting #cfd
Joseph Hopkins
30 Jan 15 14:47:19
Amazing $FB easily hit pre-earnings prices. A very good ER output it was. $FB should see a big bounce if markets are up on Monday.
Luiz Semine
30 Jan 15 14:45:28
Six takeaways from Facebook's strong quarter: http://t.co/654TTjnNkQ $FB / via @ForbesTech
30 Jan 15 14:39:20
$fb after hours yesterday was 78.85. today close 75.75. not sure why somebody is SO desperate to buy after hours!!
صالح الزهراني
30 Jan 15 14:38:07
RT @s_s_o0: $GOOGL $GOOG $FB $YHOO #النفط #تداول #اوبشن #options فقط توصية $ICPT من ٩٠ سنت الى ١٢$ اليوم بفضل الله http://t.co/IM126SbW…
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(Video) 4 Symptoms of a Sick Investment Portfolio https://t.co/aMJudkqWYQ $DIA $FB $QQQ
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Financial BUZZ Just-
30 Jan 15 14:35:08
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30 Jan 15 14:32:55
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أبو سعود
30 Jan 15 14:30:38
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Stock Hobbit
30 Jan 15 14:30:08
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The Stock Professor
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Bitcoin Remains Beleaguered As Investment, Has Fans: [at Investor's Business Daily] - Bit... http://t.co/noHm8tYb5Q $FB $TWTR $LNKD $BAC
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RT @InceptionTrader: $FB option market makers have to be pissed the stock is running up. All that premium they collected is now leaving the…
Ryan Lackey
30 Jan 15 14:18:10
@marshray @randomoracle PrivateCore (RIP, $FB) was working on this (and I was for a while, too). @sweis et al know the history of space.
30 Jan 15 14:16:44
$FB OI for maturity 01/30/2015. 70.00 Highest put. 80.00 Highest call. http://t.co/vFuaECYvJt
Ron DeLegge
30 Jan 15 14:15:10
(Video) 4 Symptoms of a Sick Investment Portfolio https://t.co/ucQdomm08y $DIA $FB $QQQ
David Salinas
30 Jan 15 14:15:08
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Alpha Maven
30 Jan 15 14:09:41
RT @theflynews: Market finishes week lower as earnings, GDP miss drag down stocks $AAPL $AMZN $GOOG $BABA $YHOO $EA $FB $MSFT ... http://t.…
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30 Jan 15 14:08:41
Let's watch Facebook and Zuckerberg play Amazon's game @ktbenner $fb http://t.co/gjRJpKkMGq via @BV
Alex Capecelatro
30 Jan 15 14:08:23
RT @WSJ: Facebook's mobile daily active users grew to 745 million, rising 34% from last year. http://t.co/HjggFZQADh $FB http://t.co/fD8tB6…
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$FB: Bitcoin Remains Beleaguered As An Investment, But Has Big Fans: http://t.co/jIXHckbRXI
Derald Muniz
30 Jan 15 14:04:49
Options expiring today: L Puts in $AMZN $GOOGL & S Puts in $FB as well as a L CS in $GOOGL
30 Jan 15 14:04:44
RT @theflynews: Market finishes week lower as earnings, GDP miss drag down stocks $AAPL $AMZN $GOOG $BABA $YHOO $EA $FB $MSFT ... http://t.…
30 Jan 15 14:04:37
RT @s_s_o0: $GOOGL $GOOG $FB $YHOO #النفط #تداول #اوبشن #options فقط توصية $ICPT من ٩٠ سنت الى ١٢$ اليوم بفضل الله http://t.co/IM126SbW…
30 Jan 15 14:03:38
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30 Jan 15 14:02:50
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30 Jan 15 14:01:11
$FB Max Pain is 76.50 for maturity 01/30/2015. Price = 75.91. http://t.co/uaOtfZFNqF
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Sherilyn Balazs
30 Jan 15 13:59:08
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Hunter Thomas
30 Jan 15 13:51:54
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30 Jan 15 13:51:12
RT @s_s_o0: $GOOGL $GOOG $FB $YHOO #النفط #تداول #اوبشن #options فقط توصية $ICPT من ٩٠ سنت الى ١٢$ اليوم بفضل الله http://t.co/IM126SbW…
Antony Bumbc-Edu
30 Jan 15 13:49:51
RT @TheStreet: Facebook is bringing the 360-degree movie viewing experience to you! #virtualreality http://t.co/ifNL2XfaB2 $FB
The Stock Professor
30 Jan 15 13:48:54
Why US teens leaving Facebook isn’t a major concern: [Market Realist] - Facebook (FB) is ... http://t.co/BVpjp5lXr1 $FB $TWTR $LNKD $BAC
v2 Ratings Bot
30 Jan 15 13:48:50
$FB looks attractive (rated 9.6 as price is down to 76.95). Price vs ratings chart: http://t.co/HAd98jXZ1v
30 Jan 15 13:46:39
"The quicker you get back to reality, the faster you solve this problem" - $SPY $AAPL $BABA $TWTR $FB Bulls and Bears have a nice weekend!
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$FB Facebook IR Page Round-up From our Stock News Alerts App
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30 Jan 15 13:44:28
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اللهم لك الحمد
30 Jan 15 13:42:14
RT @s_s_o0: $GOOGL $GOOG $FB $YHOO #النفط #تداول #اوبشن #options اغلاق #الداو_جونز وبعض المؤشرات الأوربيه #مستشارك_المالي http://t.co/9…
30 Jan 15 13:35:35
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Chayton Falke
30 Jan 15 13:35:07
#Nasdaq100 #recent #market #exit #4: Covered $FB short for a 0.17% #gain in 29 days. #FB #forex #trading #stocks
Scott Smith
30 Jan 15 13:33:39
$FB Seriously lacking any follow through and thought it best to be out at break even today. Just don't see it worth any risk at this point.
صالح الزهراني
30 Jan 15 13:32:45
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By  +Follow October 3, 2013 2:23PM



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