logo  
Sign in or Register

Already a member?

Sign in

Or sign in with your account on:

Not a member yet?

Register
    

Wall Street Steepens Losses on Day Three of Shutdown

By  +Follow October 3, 2013 2:23PM
Share:
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.


Signup for our daily newsletter and get our best articles emailed right to you!

Results for FB
Monitr
20 Oct 14 22:59:36
Facebook sues law firms, claims fraud #Monitr $FB http://t.co/gOmf8pxg1I
Erin Snow
20 Oct 14 22:47:57
RT @IBDinvestors: IPO Analysis: Facebook triggered a sell rule but ended last week up, then rose 1.3% Mon. http://t.co/7L7IsSIhbS $FB http:…
ddjsfdfskjsfdlkjsfls
20 Oct 14 22:46:47
The LinkedIn Effect: Why Social Media Is Now Mandatory for Success $LNKD $FB $TWTR @forbes http://t.co/Otb8VilBup http://t.co/SyBWb0awc7
Pot-stocks.com
20 Oct 14 22:45:40
Top 4 Signs the Stock is a Scam http://t.co/ttcBMo9ZS4 #stocks #trading $FB $GPRO $LNKD http://t.co/XXOjjLXqI5
TheClosingBell
20 Oct 14 22:31:44
The Closing Bell is out! http://t.co/rQE910SvNL $EURUSD $GBPUSD $USDJPY $AUDUSD $SPY $TWTR $GPRO $YHOO $LNKD $FB $AAPL $BRD $CAT $WLT $LNKD
TheRealAlexCurry
20 Oct 14 22:27:30
RT @IBDinvestors: IPO Analysis: Facebook triggered a sell rule but ended last week up, then rose 1.3% Mon. http://t.co/7L7IsSIhbS $FB http:…
Hereitfirst
20 Oct 14 22:13:27
how to trade $ACHN $DDD $VJET $LAKE $APT $IBIO $GPRO $NKE $EXPE $FDX $UA $MNKD $ACRX $FB http://t.co/uTZpFW8a4K
Hereitfirst
20 Oct 14 22:12:41
how to trade $CMG $YHOO $YELP $ACRX $VISA $FSLR $VSLR $TSL $SPWR $DDD $VJET $APT $LAKE $ESI $DRL $AMZN $FB $TWTR $IBM http://t.co/uTZpFW8a4K
Marshall McLuhan
20 Oct 14 22:08:46
RT @augieray: #SocialMedia stocks YTD: $FB +33% $YELP -3% $LNKD -8% $BV -10% $MKTO -19% $TWTR -24% $AWAY -26% $ZNGA -40% $ANGI -44% $GRPN -…
Media Sentiment
20 Oct 14 22:04:51
$FB received a new alert. Find out why at http://t.co/5udYd0Ofs6 #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 610
Forward Machine
20 Oct 14 22:01:57
RT @augieray: #SocialMedia stocks YTD: $FB +33% $YELP -3% $LNKD -8% $BV -10% $MKTO -19% $TWTR -24% $AWAY -26% $ZNGA -40% $ANGI -44% $GRPN -…
Eric
20 Oct 14 22:00:22
RT @IBDinvestors: IPO Analysis: Facebook triggered a sell rule but ended last week up, then rose 1.3% Mon. http://t.co/7L7IsSIhbS $FB http:…
Investors.com
20 Oct 14 22:00:18
IPO Analysis: Facebook triggered a sell rule but ended last week up, then rose 1.3% Mon. http://t.co/7L7IsSIhbS $FB http://t.co/nvQwk3vbWU
WordPress Water
20 Oct 14 21:46:03
#Facebook has reached out to #YouTube's biggest stars to urge them to distribute their videos on Facebook. http://t.co/42cd70hcd8 $FB $GO
BUZZ Just-In
20 Oct 14 21:39:53
Compare brokers to find the right one for you- Social Media Stocks http://t.co/uhCJC31x41 $FB $LNKD $TWTR $GRPN $ZNGA #spreadbetting #cfd
Russell Barbour
20 Oct 14 21:24:12
The #1 Sign You’ll Succeed as Trader: http://t.co/nfV9KsDMME #stocks #trading $FB $TWTR $YHOO $IBIO $VSR $LAKE
Rosner Stocks
20 Oct 14 21:13:57
$BBBY Last Price Click Here: http://t.co/V3Z7BuZV7o Also See: $GLOG $DBA $GLD $FB ~
Eeryn F Lubicich
20 Oct 14 21:10:29
Thanks @IFLScience ! Can't sleep now because of your $FB Q about "Who owns the #Moon ?! 😘🚀📡
Clinton
20 Oct 14 21:02:57
RT @StockSignaling: Movers and Shakers: Making Range Advances: $RCL $SHLD $ODP $GCI $TSO $SNDK $PBCT $VRX $RDN $FB $RLGY $LEN $DIS $MJN $DH…
Stock Signaling
20 Oct 14 21:02:43
Movers and Shakers: Making Range Advances: $RCL $SHLD $ODP $GCI $TSO $SNDK $PBCT $VRX $RDN $FB $RLGY $LEN $DIS $MJN $DHI #trading #mkt #spy
jatinam
20 Oct 14 21:01:21
RT @IBD_DChung: Note on $FB chart: No question about its strength. Recent dip undercut narrow flat base's low. That resets base count, but …
jatinam
20 Oct 14 21:01:03
RT @IBD_DChung: $FB Chart Note II: IMHO, also fair to interpret Facebook as still in middle-stage-base territory; recent pullback didn't br…
The Cardiac Kid
20 Oct 14 21:00:21
$FB - NCR Corp. Falls Short on Street Expectations and FaceBook Sues DLA Piper and other Firms http://t.co/m0WKjqwYN9
Pathy Nkondolo
20 Oct 14 21:00:20
$FB - NCR Corp. Falls Short on Street Expectations and FaceBook Sues DLA Piper and other Firms http://t.co/6p1jChRmun
Trade Yodha
20 Oct 14 21:00:18
$FB - NCR Corp. Falls Short on Street Expectations and FaceBook Sues DLA Piper and other Firms http://t.co/XTzVX1jcYk
StockNews
20 Oct 14 21:00:17
$FB - NCR Corp. Falls Short on Street Expectations and FaceBook Sues DLA Piper and other Firms http://t.co/wu63LbuzK1
Solo traders
20 Oct 14 21:00:14
$FB - NCR Corp. Falls Short on Street Expectations and FaceBook Sues DLA Piper and other Firms http://t.co/KCzXTiH38q
Tyler Bowman
20 Oct 14 21:00:11
$FB - NCR Corp. Falls Short on Street Expectations and FaceBook Sues DLA Piper and other Firms http://t.co/IkxHg4lnDJ
john smith
20 Oct 14 21:00:10
$FB - NCR Corp. Falls Short on Street Expectations and FaceBook Sues DLA Piper and other Firms http://t.co/zmxdz1gTBA
Live Stock News
20 Oct 14 21:00:07
$FB - NCR Corp. Falls Short on Street Expectations and FaceBook Sues DLA Piper and other Firms http://t.co/bz0vk29vtN
NASDAQ
20 Oct 14 21:00:06
$FB - NCR Corp. Falls Short on Street Expectations and FaceBook Sues DLA Piper and other Firms http://t.co/FBjdikTB6H
Dan Massoglia
20 Oct 14 20:58:24
Mark Zunderburg means business. RT @antderosa Facebook sues law firms over already-dismissed ownership lawsuit http://t.co/VY4bJJM3mi … $FB
Stock Forums
20 Oct 14 20:57:42
$BAC Investor Opinions Click Here: http://t.co/2t84rgCuIp Also See: $RSH $SMH $FB $EWP ~
Stockaholics
20 Oct 14 20:53:27
Our Penny Stock Picks Gained 371% In 2 Weeks! Get Our Next Pick Early: http://t.co/z2noBUWrEP $F $SIRI $FB
Dan
20 Oct 14 20:46:30
$FB OI for maturity 10/24/2014. 70.00 Highest put. 77.00 Highest call. http://t.co/S3OMxhlBWL
emily
20 Oct 14 20:43:25
@ericjackson $FB used to be 'earn 1M is uncool. earn 1B is cool'. it is now 'destroy 1B is uncool, destroy 10B is cool' $YHOO
BUZZ Just-In
20 Oct 14 20:39:50
See why these assets are trending in 1 watchlist $FB AUDUSD EURJPY USD/JPY GBP/USD http://t.co/nWe3kpE0FI
Stock Wire
20 Oct 14 20:35:32
Facebook Inc (FB) Warns Its Users If Their Accounts Is At Risk Of Being ... $FB http://t.co/XqcxOOgIlg
Dan
20 Oct 14 20:32:07
$FB Max Pain is 74.00 for maturity 10/24/2014. Last close = 76.95. http://t.co/yly5hBFbrc
George A. Medina
20 Oct 14 20:29:57
“@ForbesLife: Future vision from Oculus founder @BrendanIribe. http://t.co/onXbFdQ6ab http://t.co/sxKyU0g2ax” $FB
Claus
20 Oct 14 20:24:40
$FB back to Buy https://t.co/ytbAgYMlMd
Maleah
20 Oct 14 20:21:53
http://t.co/qcJs7yO0by <<<---The #1 Sign You'll Fail Or Succeed at trading #stocks #trading $LAKE $LIVE $FB $TWTR
robert HappyFeet
20 Oct 14 20:20:02
RT @2morrowknight: Passion...contribution...happiness! Wisdom from #SherylSandberg ... / $FB $LNKD RT @Yulia_King http://t.co/Nig87dFu2B
moderneconomist.com
20 Oct 14 20:12:42
RT @profitly: TRADER MASHUP https://t.co/DXhtcQOqE0 get inspired $FB $TWTR $LNKD #belowdeck viewers if you $STUDY hard this can be you!
Media Sentiment
20 Oct 14 20:09:53
$FB received a new alert. Find out why at http://t.co/5udYd0Ofs6 #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 605
KeeneOnTheMarket.com
20 Oct 14 20:06:39
@CNBCFastMoney Not buying those $FB Puts, the stock is TOO strong on the daily
Russell Barbour
20 Oct 14 20:06:09
http://t.co/faSdKWyK2x <<<---SALES VIDEO FOR SMALLCAP MILLIONAIRE!! #stocks #trading $LAKE $LIVE $FB $TWTR
Stock Wire
20 Oct 14 20:03:50
Facebook Inc (NASDAQ:FB)'s 'egg freezing' offer sparks debate on female work ... $FB http://t.co/8XW0OgdR4U
Scott Smith
20 Oct 14 20:01:48
$FB Nice push well above support (w/volume) and well intact. http://t.co/t07rAoJ4SQ
Stocks News&Markets
20 Oct 14 20:00:32
Big Trader in the News! http://t.co/F3G081e6MW $SCOK $LEDS $ESI $KWK $FB $TWTR $GOOG we nailed $IBIO !!
				
				
By  +Follow October 3, 2013 2:23PM
Share:

Comments

 

blog comments powered by Disqus

About us

Equities.com is the most advanced interactive online social ecosystem for the financial industry, serving as a resource center and next-generation communication platform that connects self-directed investors with public issuers, market experts, and professional service providers and vendors. Registered members can leverage our exclusive proprietary research tools such as the Small-Cap Stars, which outperformed 90% of all small-cap mutual funds, and robust do-it-yourself E.V.A. research reports. The Equities.com Issuer Dashboard is the ideal tool to communicate and manage investor awareness campaigns to the investment community, as well as to access valuable resources to help your company grow.

Market Data powered by QuoteMedia.
Copyright © QuoteMedia. Data delayed 15 minutes unless otherwise indicated. Terms of Use.