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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]

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Results for FB
The Fly
30 Jul 15 15:13:51
On The Fly: Top stock stories for Thursday $FB $WFM $SSYS $DDD $QRVO $WWE $TMUS $MDLZ $LINE $LNCO: Full Story http://t.co/rhJpo02XiO
Caroline Higgins
30 Jul 15 15:12:34
You go @jimcramer ! Sellers of $FB Take the emotion out of the damn equation! @MadMoneyOnCNBC ❤️Cramer ! #fundamentals
30 Jul 15 15:11:53
$DISCA $DISCK $DISH $DLTR $EBAY $EA $EXPD $ESRX $FB $FAST $FISV $GRMN Gap down is coming!!!! http://t.co/3jD2jMlP2q
30 Jul 15 15:11:49
30 Jul 15 15:10:16
@jimcramer Thanks Jim, for that logical analysis of $FB. Been long since low 60s and staying long for many years to come! #madmoney
Mike Gonzales
30 Jul 15 15:08:47
$fb shares always fall after earnings and $appl shares fall due to slow tablet sales
30 Jul 15 15:07:37
RT @SAlphaTrending: Why Twitter's Future Is Not As Gloomy As Jack Dorsey Suggests http://t.co/9yeKEKUbcM $FB $TWTR
Mike Gonzales
30 Jul 15 15:07:13
$fb shareholders sell Inc (NASDAQ:FB) Stock Is Down Despite Another Robust Performance
30 Jul 15 15:05:28
LinkedIn Results Top Estimates $FB http://t.co/S6DviHMrfm http://t.co/CGmWAWtSSu
30 Jul 15 15:04:39
$FB LinkedIn Results Top Estimates http://t.co/5WRboY5Ei5
Zach Hodgson
30 Jul 15 15:04:03
Gotta ask yourself what kinda market are you in when what should be good news is bad news and stocks sell off. $FB $LNKD
Analyst Actions
30 Jul 15 15:03:01
$FB: Analyst action by Barclays on Facebook: http://t.co/MtJZDXqZVv http://t.co/74nhAFpUkz
30 Jul 15 15:03:01
@mifkeroil @GuyAdami And thats exactly why $FB /all generic social media will be slaughtered when they try to monetize #instagram #whatsapp
Carlos A. Rivera
30 Jul 15 15:02:09
RT @CNNMoney: Facebook is now the world's most-used tech product. @lisahopeking on $FB earnings: http://t.co/aDZ5uNpU8v http://t.co/HomCXZn…
30 Jul 15 15:01:39
PolgarStocks : VZ Verizon Communications Ask http://t.co/5rtoMGABgq $VZ $FB $AMD $MYEC … http://t.co/qPQXZml28A) http://t.co/Z3laf0ctmQ
30 Jul 15 15:00:35
$FB http://t.co/SWvGFzatCe
Trending Articles SA
30 Jul 15 15:00:04
Why Twitter's Future Is Not As Gloomy As Jack Dorsey Suggests http://t.co/9yeKEKUbcM $FB $TWTR
30 Jul 15 15:00:03
232 stock tips from 83 analysts were posted today on 181 stocks. Most rated: $FB $WFM $LOCK $QRVO $TWTR https://t.co/HDkIMfQYDP
30 Jul 15 15:00:03
#toptickertweets $FB $AAPL $TWTR $LNKD $SPY $SGYP $TSLA $GOOG $NFLX $FEYE #sentiquant #FinTech 20150730 18:00:06:857
30 Jul 15 15:00:02
Alissa Williams
30 Jul 15 14:58:32
What happened in the #StockMarketToday? Find out here: http://t.co/LRI9lCDrYy $CAVM $QRVO $AAPL $SKX $FB
Mike Dudas
30 Jul 15 14:57:32
@stevecheney Exactly. $FB should own Yelp, Google should own Twitter. Media buyers not equipped to spread premium buys across many companies
MPI New Jersey
30 Jul 15 14:56:32
RT @ValaAfshar: 11 years ago, someone named Mark Zuckerberg appeared on @CNBC to discuss a social network. $FB https://t.co/R0Eer8E6XX
Trade Forex Signals
30 Jul 15 14:56:11
$FB Daily $FB http://t.co/8okszzehgg ~ via http://t.co/Kd2qwcsyit
30 Jul 15 14:54:29
$FB chart: $FB Daily. http://t.co/WoMicKMVex
TV_Trading Ideas
30 Jul 15 14:54:29
$FB Daily $FB http://t.co/P4QZ5fLUt0
Finanzas de Bolsillo
30 Jul 15 14:54:06
Los invitamos a seguirnos en Facebook donde encontraras tips para finanzas personales $FB http://t.co/o0TYfp5LQ5
30 Jul 15 14:54:02
@VanessaCrusse see the trend? $FB next
Bobby Shea
30 Jul 15 14:54:01
@lipscrl Deja Vu from when $FB couldn't get it together. I think they figure it out eventually.
Fernandez Adrian
30 Jul 15 14:53:49
RT @holdingtrades: $FB Vamos a ver que dice MARK ZUCKERBERG,quiero pensar que aprendió de la metida de pata del CEO de $TWTR
30 Jul 15 14:52:57
RT @JoshAnswers: If you make financial decisions based on lines and colors...you're an idiot. #invest #money $LNKD $EXPE $LOCK $FB http://t…
30 Jul 15 14:52:11
@RobertJordan33 $FB 2% away from its highs.. what?
Zack Rock
30 Jul 15 14:52:04
Really can't figure out why $LNKD trades at a 80x PE multiple when $FB trades at 30x. Other than a short float, no upside here.
30 Jul 15 14:51:36
Instagram will surpass Google, Twitter in US mobile display ad revenues by 2017: https://t.co/QQWhknUZc7 $FB $TWTR $GOOGL
Top Stocks
30 Jul 15 14:51:36
Instagram will surpass Google, Twitter in US mobile display ad revenues by 2017: https://t.co/u51lEUTR5Q $FB $TWTR $GOOGL
TipRanks Live Feed
30 Jul 15 14:51:12
5-star analyst @ajdiclemente from Nomura Holdings maintained a BUY on $FB. Anthony has a 66% success rate http://t.co/eMhSGD6Rdb
Trade Real
30 Jul 15 14:49:08
RT @SwatOptions: $LNKD and stream goes back to silence as happened yesterday with $FB... twitter servers may get hit by "post deletes" http…
Chris Irvin
30 Jul 15 14:49:02
$FB is not looking good to me. The chance it reaches all-time highs in to achieve a straddle profit is slim. More➡️ http://t.co/FAjxmkS48q
30 Jul 15 14:48:34
VZ Verizon Communications Ask http://t.co/ILz3bSOZxE $VZ $FB $AMD $MYEC #VZ #stockmarket #stockmarket
Borja Fdez Alonso
30 Jul 15 14:48:33
RT @ValaAfshar: Facebook's ad revs Dec.'11: Desktop: 100% Mobile: 0% Facebook's ad revs June '15: Desktop: 24% Mobile: 76% —@CNBCSocial…
30 Jul 15 14:47:41
30 Jul 15 14:47:13
30 Jul 15 14:46:00
30 Jul 15 14:45:43
$SPNC Spectranetics http://t.co/UKZ3MRGmpH $AAPL $BAC $FB $SPY $GE $BABA $NFLX $C $FE $TSLA $F $T $UWTI $RAD $GILD $VXX $UA #f #ESPYS
Venky Srinivasan
30 Jul 15 14:44:48
$BIDU messed up $GOOGL a bit and now $LNKD doing that to $FB a tad AH.
Craig Scott
30 Jul 15 14:44:05
@JohnnyTrades1 sadly I am long in both $fb & $twtr. Luckily very + in $fb. $twtr, not so much
Anthem Wealth
30 Jul 15 14:43:50
Why Facebook Is Worth $115 a Share - http://t.co/3SByDZiGto http://t.co/i1NfOPKPzT #Facebook $FB #Valuation #trader
Lucky Jimmy
30 Jul 15 14:43:06
PCLN http://t.co/K4Xv8NTmHY Inc. Dividend http://t.co/s1SMMuVbAZ $PCLN $FB $IWM $JPM #PCLN #finance #finance
30 Jul 15 14:42:06
Gain from movement in these buzzing assets $LNKD $DJIA Greek + crisis $FB http://t.co/W1VqXS5b7r http://t.co/V8B08A4HZV
Rob Jordan
30 Jul 15 14:42:00
Basically social is getting crushed lately. $LNKD $TWTR $FB
By  +Follow October 3, 2013 2:23PM



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