Sign in or Register

Already a member?

Sign in

Or sign in with your account on:

Not a member yet?



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

Liked What You Read? Join Equities.com and Connect With Your Favorite Financial Experts FOR FREE! Members of Equities.com gain access to our leading financial news and content, active social investment community, proprietary research tools including the 2014 Small-Cap Stars, E.V.A. reports and more.

Results for FB
Jonathan Maissel
1 Dec 15 02:40:22
RT @sarahlaitner: "If people stop looking, Facebook stops making money." A good look at Facebook's increasing reach https://t.co/2f2Xc9Re25…
Alpha Maven
1 Dec 15 02:36:33
Most popular tweets: $AAPL $AMZN $FB $KBIO $TWTR $SPX $HART $MSFT $NFLX $AEZS #LSE #NASDAQ #NYSE #stocks #trading https://t.co/9mz3sk0aZ7
TickerLens Facebook
1 Dec 15 02:32:54
Facebook Sees Large Decrease in Short Interest (FB) https://t.co/Nt2znVKyWh $FB
TickerLens Facebook
1 Dec 15 02:32:51
Short Interest in Facebook Declines By 5.8% (FB) https://t.co/NwhI9UK8u5 $FB
1 Dec 15 02:30:46
Facebook Inc, Twitter Inc Amazon Threat Fell Flat on Black Friday $TWTR $FB https://t.co/drNmNlMl0a
1 Dec 15 02:28:22
Skim the cream of financial news $TWTR $FB $LNKD https://t.co/SdcFckfUFB https://t.co/PDSzVZWHKu
James DiPlata
1 Dec 15 02:27:45
RT @JanieTracey: RT @DayTradeWarrior: Words of wisdom from Warren Buffet #Trading #Stocks $SPY $QQQ $IWM $DIA $VIX $USO $UNG $AAPL $FB $NLF…
Bobby Wilbert
1 Dec 15 02:21:08
Facebook Is Revving Up for a Renewed Rally $FB https://t.co/kqUFxtUBh1 via @TheStreet
1 Dec 15 02:20:44
Access curated tweets- high relevancy, less spam - US Tech Giants https://t.co/J74uV6qAnD $AAPL $GOOGL $MSFT $FB $TWTR
1 Dec 15 02:19:05
Torn between news sites? Read financial news on just 1 page $MAT $PAY $FB https://t.co/V46bM7veJM https://t.co/RXGK1LhTLj
Russell Barbour
1 Dec 15 02:18:31
https://t.co/LMOSTSByuu Excellent strategy for small new trading accounts! $FORD $XCO $BAS $FB
Life Facts
1 Dec 15 02:15:01
Mark Zuckerberg, the CEO of Facebook, called his first few thousand users as "dumb f****" for trusting him with their personal data. $FB
1 Dec 15 02:07:58
Track curated news and tweets for multiple tickers - Social Media Stocks https://t.co/7Im4LkRfwo $FB $LNKD $TWTR $ZNGA
Stock Rocket
1 Dec 15 02:03:51
Platinum Members Have Seen Incredible Gains On Our Top Stock Picks! See Our New Picks Early: https://t.co/ro7o3SYbd1 $FB $MDLZ $CELG
1 Dec 15 01:59:45
$NWAV Closed Up A Whopping 55.56%! Major Expectations For Next Week: https://t.co/xpW15VznHO $FB $MDLZ $CELG
Stock Dawgzz
1 Dec 15 01:57:51
Our Winning Picks Have Multiplied As Much As 34 Times In 5 Months! See Our New Pick: https://t.co/yNmfNXSR8k $FB $MDLZ $CELG
Penny Stockington
1 Dec 15 01:55:13
$TSTS Has Gained 336.36% In The Past 2 Weeks! Huge News: https://t.co/lZkftFE1Y4 $FB $MDLZ $CELG
1 Dec 15 01:53:30
$TSTS Has More Than QUADRUPLED In Value In 2 Weeks! Big News: https://t.co/n8iZENteZr $FB $MDLZ $CELG
Janie Tracey
1 Dec 15 01:45:52
RT @DayTradeWarrior: Words of wisdom from Warren Buffet #Trading #Stocks $SPY $QQQ $IWM $DIA $VIX $USO $UNG $AAPL $FB $NLFX $GPRO $TSLA htt…
1 Dec 15 01:40:45
Facebook Sees Large Decrease in Short Interest $FB https://t.co/MYs2eup7b0
1 Dec 15 01:35:12
Learn how this Millionaire trader Creates more Millionaire Traders: https://t.co/OAX7cMfGDM $STUDY $TWTR $FB $SPY
Bobby Wilbert
1 Dec 15 01:27:45
Could Facebook's Valuation Be Too Excessive? https://t.co/xbaJskRGd4 $FB
James DiPlata
1 Dec 15 01:26:45
RT @Stockology101: #Invest #Stocks Time Warner Cable Sets Things Right After 2 Hour Internet Outage In Midwe... https://t.co/rTdm6GRaSu $FB…
1 Dec 15 01:25:40
RT @venom_trading: SEC Approves Nasdaq s $62M Facebook Compensation Plan http://t.co/V2ZshzgvPa #facebook $fb
Tobia De Angelis
1 Dec 15 01:24:18
"But do I think it will sustain this over time? Count me dubious." - about $FB in 2007!! 😂😂😂I love bloggers! https://t.co/etRgtTbtTI
K Capital Advisors
1 Dec 15 01:23:24
Our Price Target For This Stock Is 30% Higher From Today's Close https://t.co/SmG8wOgFOg #stockalerts $FB $TWTR
Ticker Report
1 Dec 15 01:07:25
Short Interest in Facebook Declines By 5.8% $FB https://t.co/H8nv4jJlSe
Dakota Financial
1 Dec 15 00:57:30
Short Interest in Facebook Declines By 5.8% $FB https://t.co/NyG7mW77ov
Link Humans
1 Dec 15 00:57:23
RT @2morrowknight: 5 Reasons Why #Instagram is Important for Marketers in 2016 https://t.co/NYlzWuvvar #contentmarketing $FB RT @i2marketing
Consumer News
1 Dec 15 00:53:26
Short Interest in Facebook Declines By 5.8% $FB https://t.co/27RsUpRrJC #acn
1 Dec 15 00:53:04
RT @2morrowknight: 5 Reasons Why #Instagram is Important for Marketers in 2016 https://t.co/NYlzWuvvar #contentmarketing $FB RT @i2marketing
Breaking News Now
1 Dec 15 00:46:02
$TWTR $FB: LinkedIn Corp (NYSE:LNKD) Is the Darling of Australia’s Social …: https://t.co/t4DK4HefWI
The Stock Professor
1 Dec 15 00:37:21
#Invest #Stocks Time Warner Cable Sets Things Right After 2 Hour Internet Outage In Midwe... https://t.co/rTdm6GRaSu $FB $AAPL $BABA $IBM
By  +Follow October 3, 2013 2:23PM



blog comments powered by Disqus

 Today's Must Reads

What Crowdfunding Leaders Are Saying About the SEC’s Approval of Title III

How the Drug Price Scrutiny is Affecting Pharma Stocks

8 More Tips for Choosing the Right Crowdfunding Platform

Will the Post-Smartphone Era Bring Wearable Drones?

3 Cloud Stocks That Pay Dividends


Small-cap stocks offer investors many benefits, ranging from higher growth potential to overlooked value opportuni... in Equities.com's Hangs 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