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. To read our full disclosure, please go to: http://www.equities.com/disclaimer


Liked What You Read? Join Equities.com as a contributor and get eyeballs on your content FOR FREE!

Results for FB
J B
2 Jul 15 16:09:57
RT @StockProp: @CNBCFastMoney $TWTR versus $FB: $TWTR = Trade $FB = Own My 2 cents...
DE Asset Management
2 Jul 15 16:07:45
RT @TraderBrain: trader results #fact #finance #stockmarket #MarketCorrection #Apple $twtr $fb #investing #hedgefunds #stocks #money http:/…
DE Asset Management
2 Jul 15 16:06:34
RT @swetrader: $GOOG and $FB own the most minutes where consumers increasingly spend their time — social networking and media. http://t.co/…
FinBUZZ Just-IN
2 Jul 15 16:04:57
You could be paying 5x higher spreads for Social Media Stocks http://t.co/xBiy45I3G2 $FB $LNKD $TWTR $GRPN $ZNGA #spreadbetting #cfd
Brain Bot
2 Jul 15 16:04:04
RT @Stockology101: Mark Zuckerberg's vision of the future is full of artificial intelligence, telepathy, and... http://t.co/sNQGXLilvI $FB …
The Stock Professor
2 Jul 15 16:01:06
Mark Zuckerberg's vision of the future is full of artificial intelligence, telepathy, and... http://t.co/sNQGXLilvI $FB $TWTR $LNKD $BAC
FinBUZZ Just-IN
2 Jul 15 15:54:56
Track curated news and tweets for multiple tickers- Social Media Stocks http://t.co/0lDjsEei8y $FB $LNKD $TWTR $GRPN $ZNGA
Michael Cook
2 Jul 15 15:48:59
Our Penny Stock Pick On $GEQU Closed Up 50% For Our Platinum Members Yesterday! Huge News: http://t.co/91VffBsuoJ $F $SIRI $FB
Haj
2 Jul 15 15:48:51
$DJI $SPY $FB $COMPQ Wishing everybody enjoyable July 4th weekend, we live in the greatest country, appreciate, study, work hard n party:)
Hedge Funds
2 Jul 15 15:46:22
RT @TraderBrain: trader results #fact #finance #stockmarket #MarketCorrection #Apple $twtr $fb #investing #hedgefunds #stocks #money http:/…
Penny Stockington
2 Jul 15 15:46:14
$SUTI Has Gained 66.67%, Since Our Penny Stock Blog Alert! Huge News: http://t.co/llIxl7cUOL $FB $MDLZ $CELG
@SWETRADER
2 Jul 15 15:45:13
$GOOG and $FB own the most minutes where consumers increasingly spend their time — social networking and media. http://t.co/RYYpMtN3Bm
Stock Dawgzz
2 Jul 15 15:39:22
Our Platinum Subscribers Saw Their Penny Stock Alerts Gain Over 200% In 2 Weeks! Big Update: http://t.co/Lhta1yqlzk $FB $MDLZ $CELG
Stock Rocket
2 Jul 15 15:38:58
Our Penny Stock Newsletter Alerts Gained 200% In 2 Weeks! Get Our Next Pick Early: http://t.co/4eX1MHBloV $FB $MDLZ $CELG
Paul Henry
2 Jul 15 15:36:29
Our Penny Stock Picks Have Gained 3,600% In 9 Months! Subscribe To Get Our Future Picks: http://t.co/0VyTzPR97b $F $SIRI $FB
Stockaholics
2 Jul 15 15:36:11
$SUTI Has Now Seen 400% Gains In The Past 2 Weeks! Special Update: http://t.co/l1zbyeWEGo $FB $MDLZ $CELG
Bolt
2 Jul 15 15:34:18
$AAPL + $FB + $MSFT = 20% of S&P 500. https://t.co/sJxCMsY5W9
Alex Pitti
2 Jul 15 15:31:27
http://t.co/wVkhPTMcxv Check out my new article on Snapchat Instagram and Periscope $TWTR $SNAP $FB
WLST.com
2 Jul 15 15:31:12
Don't Believe The Reports, Axiom Says: Yelp Couldn't Find A Buyer - TickerLens $FB #FB http://t.co/S6DviHMrfm http://t.co/1hbXoYdd74
WLST.com
2 Jul 15 15:31:07
Closing Bell Reports: PowerShares QQQ Trust, Series 1 (QQQ), Facebook, Inc. (FB), SandRidge ... - TickerLens $FB #FB http://t.co/wSWKJMsmAe
TraderBrain.com
2 Jul 15 15:31:05
mrkt culd crash 75% #finance #stockmarket #MarketCorrection #tsla $fb $aapl #investing #hedgefunds #stocks #debt http://t.co/gcwSpoRmsW
TickerLens Facebook
2 Jul 15 15:31:00
Don’t Believe The Reports, Axiom Says: Yelp Couldn’t Find A Buyer http://t.co/G00mth57Hi $FB
TickerLens Facebook
2 Jul 15 15:31:00
Closing Bell Reports: PowerShares QQQ Trust, Series 1 (QQQ), Facebook, Inc. (FB… http://t.co/FxD4j4oW0H $FB
TraderBrain.com
2 Jul 15 15:30:44
make an offer for our webinars #finance #stockmarket #MarketCorrection $dis #investing #hedgefunds #mutualfunds $fb http://t.co/5m7hv2gtG1
TraderBrain.com
2 Jul 15 15:29:27
trader results #fact #finance #stockmarket #MarketCorrection #Apple $twtr $fb #investing #hedgefunds #stocks #money http://t.co/Kb1SszAlBL
ForTradr
2 Jul 15 15:27:37
What is swing trading ? http://t.co/oPzMKPH9g8 #trader #trading #stocks $FB $AAPL
Quantpost Technology
2 Jul 15 15:27:04
$YELP $FB $GOOG News: "Don't Believe The Reports, Axiom Says: Yelp Couldn't Find…" http://t.co/wkaocDkyJM Analyze: https://t.co/A5DkTH0nhI
Quantpost $FB
2 Jul 15 15:27:03
$FB News: "Don't Believe The Reports, Axiom Says: Yelp Couldn't Find A Buyer…" http://t.co/flHeIzxmjB Analyze: https://t.co/fEZycVywnE
Benzinga.com
2 Jul 15 15:27:02
Don't Believe The Reports, Axiom Says: Yelp Couldn't Find A Buyer $YELP $FB $GOOG $IACI http://t.co/idfHNv8DWv http://t.co/b4HA0Hr203
David
2 Jul 15 15:21:49
RT @etfguide: Pass or Fail? Find out what kind of grade your investment portfolio gets. http://t.co/xAAJ0MakUU $NFLX $TSLA $FB $QQQ
SMPH #Sanders2016
2 Jul 15 15:20:18
$ACIW $FB $GOOG $TWOU #NASDAQ I am John, new researcher. Please review my work under http://t.co/KJisOxOPwO � … http://t.co/mWqUw11a7O
Haj
2 Jul 15 15:19:41
7/6/15 watchlist: Longs: $S $AXN $BIOC $FB $FIT (look for 40.38 level), $TSLA (Breakout) test 290?, $AAPL $SGYP (bo), $XOOM, $HIMX $IBIO
Will Chang
2 Jul 15 15:17:37
@paulwoll $FB buying $TWTR
Michael James
2 Jul 15 15:15:54
We have a MASSIVE New Penny Stock Pick, Coming This Week! Get It Early: http://t.co/NH4n77Y8Db $F $SIRI $FB
Seeking Alpha Alerts
2 Jul 15 15:15:24
@SATEXAS2 $fb Live App Showdown: Instagram Vs. Snapchat Vs. Periscope http://t.co/T9RNuGcv5Q
Seeking Alpha Alerts
2 Jul 15 15:15:23
@bardzo $fb Live App Showdown: Instagram Vs. Snapchat Vs. Periscope http://t.co/T9RNuGcv5Q
Seeking Alpha Alerts
2 Jul 15 15:15:23
@SciaticaMusic $fb Live App Showdown: Instagram Vs. Snapchat Vs. Periscope http://t.co/T9RNuGcv5Q
Seeking Alpha Alerts
2 Jul 15 15:15:23
@simysimycoco $fb Live App Showdown: Instagram Vs. Snapchat Vs. Periscope http://t.co/T9RNuGcv5Q
Seeking Alpha Alerts
2 Jul 15 15:15:22
@fullchipdesign $fb Live App Showdown: Instagram Vs. Snapchat Vs. Periscope http://t.co/T9RNuGcv5Q
Seeking Alpha Alerts
2 Jul 15 15:15:22
@theanilpaudel $fb Live App Showdown: Instagram Vs. Snapchat Vs. Periscope http://t.co/T9RNuGcv5Q
Seeking Alpha Alerts
2 Jul 15 15:15:22
@mjmnyc2000 $fb Live App Showdown: Instagram Vs. Snapchat Vs. Periscope http://t.co/T9RNuGcv5Q
Seeking Alpha Alerts
2 Jul 15 15:15:21
@rvbroad $fb Live App Showdown: Instagram Vs. Snapchat Vs. Periscope http://t.co/T9RNuGcv5Q
Seeking Alpha Alerts
2 Jul 15 15:15:21
@MickeyLehman $fb Live App Showdown: Instagram Vs. Snapchat Vs. Periscope http://t.co/T9RNuGcv5Q
Seeking Alpha Alerts
2 Jul 15 15:15:21
@Ta11erThanMost $fb Live App Showdown: Instagram Vs. Snapchat Vs. Periscope http://t.co/T9RNuGcv5Q
Seeking Alpha Alerts
2 Jul 15 15:15:21
@Darientricia $fb Live App Showdown: Instagram Vs. Snapchat Vs. Periscope http://t.co/T9RNuGcv5Q
Seeking Alpha Alerts
2 Jul 15 15:15:20
@AMAPCEO_member $fb Live App Showdown: Instagram Vs. Snapchat Vs. Periscope http://t.co/T9RNuGcv5Q
Seeking Alpha Alerts
2 Jul 15 15:15:20
@reader20 $fb Live App Showdown: Instagram Vs. Snapchat Vs. Periscope http://t.co/T9RNuGcv5Q
Seeking Alpha Alerts
2 Jul 15 15:15:20
@ProtenusGroup $fb Live App Showdown: Instagram Vs. Snapchat Vs. Periscope http://t.co/T9RNuGcv5Q
Seeking Alpha Alerts
2 Jul 15 15:15:19
@Juanskloud $fb Live App Showdown: Instagram Vs. Snapchat Vs. Periscope http://t.co/T9RNuGcv5Q
Seeking Alpha Alerts
2 Jul 15 15:15:19
@samer_badry $fb Live App Showdown: Instagram Vs. Snapchat Vs. Periscope http://t.co/T9RNuGcv5Q
				
				
By  +Follow October 3, 2013 2:23PM
Share:

Comments

 

blog comments powered by Disqus

 

 Today's Must Reads

Microsegmentation: The Future of Cybersecurity?


How this Playboy Playmate Became a Better Stock Trader Than You

Long Term Rates Are On The Up…What’s Next?

The Modern Web: So Many Ways to Invest in Wireless Mobile Stocks

It's Time for the Rest of the Country to Legalize Weed

 

Do you expect a 10% correction by the end of 2015? in Equities.com Polls on LockerDome

About us

Equities.com is an advanced financial data portal and social network designed to connect self-directed investors with the world’s most innovative startup and small cap companies. Through our in-depth coverage of small cap markets, comprehensive research and stock valuation reports, state of the art issuer products, and world class events, Equities.com provides the social tools and insight that drive tomorrow’s investment relationships and opportunities.

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

Login or Register

LOG IN