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Wall Street Steepens Losses on Day Three of Shutdown

By  +Follow October 3, 2013 2:23PM
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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
Gr8wklyoptions
22 Dec 14 12:32:44
$FB_122614P82 Qty 640 at 1.03 Ask $ 65920 Vol 3906 OI 472 TimeOfTrade 3:32:42 PM
Evan Greenberg
22 Dec 14 12:32:31
More people are posting native Facebook video to Facebook than embedding YouTube links http://t.co/Fduudr3lyR $FB
Wolf Of Essex
22 Dec 14 12:32:22
RT @carlquintanilla: Facebook all-time high. Up 9% in a week. $FB @CNBC
The Stock Whisperer
22 Dec 14 12:32:14
Today's #HOT #Swinging #Whisper Video http://t.co/XWDFrsCpjs $EBAY $YHOO $FB $TWTR
Techi Feeds
22 Dec 14 12:31:53
RT @usatodaytech: You’re a happy stock holder if you owned Facebook $FB this year http://t.co/cV2730H9AA http://t.co/dltBSSnb4C
steven spencer
22 Dec 14 12:30:15
think it would be kind of cool if facebook attempted a hostile takeover of twitter. $FB $TWTR
Raoul
22 Dec 14 12:30:12
RT @usatodaytech: You’re a happy stock holder if you owned Facebook $FB this year http://t.co/cV2730H9AA http://t.co/dltBSSnb4C
Tech Alerts
22 Dec 14 12:30:04
Amazon's Holiday Season Offsets Headwinds From Competition http://t.co/Wbg4v6YbNm $FB $GOOG $TWTR $GOOGL $EBAY $AMZN
USA TODAY Technology
22 Dec 14 12:29:38
You’re a happy stock holder if you owned Facebook $FB this year http://t.co/cV2730H9AA http://t.co/dltBSSnb4C
Hu(Options Trader)
22 Dec 14 12:26:55
@ClassyHu $FB now in my target zone after much patience. 80 holds I stay in trade.
36MonthLoans.com
22 Dec 14 12:25:27
A Secret to Creating Wealth - Focus on What You Can Control http://t.co/clkyp919fB via @daily_finance $FB
TheStreetOptions
22 Dec 14 12:23:39
Stock market terms: #BOND - What you had with your spouse until you pawned his/her golf clubs to invest in $amzn $FB
JE$US
22 Dec 14 12:23:38
$FB Jan15 $80 C lead today's action: 22,300+ Jan15 $80 C
Stockaholics
22 Dec 14 12:22:19
Our Penny Stock Pick On $RGMI Gained 89.19% Today! Huge Update: http://t.co/iLjEBOLDF5 $F $SIRI $FB
G Hawkins
22 Dec 14 12:20:23
See the first "complete prototype" of Google's self-driving car http://t.co/mss7vuGMZF via @verge $GOOG $GOOGL $FB $TSLA
Glenn Yu
22 Dec 14 12:19:40
scalped $fb $yhoo $ea and $aapl booo espected more from fb I guess insider saw the boost from acquisition of instangram
Future Tech Investor
22 Dec 14 12:17:17
$AIV breakout $NFLX $BAC $DDD $HPQ $WFC $AAL $AA $TWTR $FB $MU $ZU $Z $CMG $BABA $ZU $RAD $LNG $F $BA $Z $S $EJ $JD $WB $MSFT $TSLA $SSYS
NX1
22 Dec 14 12:16:29
Played $FB and loaded $RAD for swing
Cutlass
22 Dec 14 12:15:30
RT @STAUNCHWEALTH: how good has $FB looked these past 3 days wow. as if no one knew INSTAGRAM is the new FB. love killing these options ht…
hustle1776
22 Dec 14 12:15:27
RT @Pharma_Trader: @ItonisHoldings Great news for $ITNS, $MYEC and all shareholders! $FB $TWTR @EdStarrs #Emesyl http://t.co/TVe8VP7v6r
E HURD
22 Dec 14 12:14:04
RT @Pharma_Trader: @ItonisHoldings Great news for $ITNS, $MYEC and all shareholders! $FB $TWTR @EdStarrs #Emesyl http://t.co/TVe8VP7v6r
Nishanth Godalla
22 Dec 14 12:11:53
$FB looking to clear long term resistance @ 82 here , i would sell some near the money calls rather than going short FB here before earning
Michael Diamondz
22 Dec 14 12:09:18
$fb and $wage trying to break out. Not buying need more conviction regarding spx not in new highs
arthurstowee
22 Dec 14 12:09:02
RT @TheShadowTrader: trades update..trading $FB while i wait for an opening in the emini..scalping against the "true believers" in $FB lol …
Staunch Options
22 Dec 14 12:08:29
how good has $FB looked these past 3 days wow. as if no one knew INSTAGRAM is the new FB. love killing these options http://t.co/9q69IRsR2X
Justin Pulitzer
22 Dec 14 12:08:01
@nickvitani $FB was a little rougher than usual this go round, but the $FaceBookWhisperer prevailed in the end. :)
Alysia Sarkisian
22 Dec 14 12:07:17
RT @SeekingAlpha: Invest In 2015 By Starting With Glassdoor's Best Places To Work http://t.co/4PA2P1dQuB $AAPL #APPLE $DDD $FB $GOOG $HGG $…
Nick Vitani
22 Dec 14 12:07:14
@JustinPulitzer -$FB and $RCL price was neck and neck and now $FB took the lead lol
Khas Aadmi : Prashen
22 Dec 14 12:06:17
RT @timothysykes: See The World's Youngest Billionaires http://t.co/tORchpgXLJ inspiring $FB $TWTR
Mervyn Warren
22 Dec 14 12:01:37
RT @GoogleFacts: Facebook bought Instagram in late 2012 for a final price tag of $715 million. Instagram is now worth $35 billion. $FB
OptionsGenius
22 Dec 14 12:01:32
@Weeklyoptions http://t.co/1mgipWG2ae $fb $twtr $gs $bac week is looking good so far.
CapCube 2.0
22 Dec 14 12:01:13
Don't look now; just another pumpathon at the casino $CMG $PCLN $GOOGL $FB $AMZN
Timothy Sykes
22 Dec 14 12:00:53
See The World's Youngest Billionaires http://t.co/tORchpgXLJ inspiring $FB $TWTR
Quantpost Technology
22 Dec 14 12:00:35
$DDD $FB $GOOG News: "Invest In 2015 By Starting With Glassdoor's Best Places…" http://t.co/IDNYjvNyHB Board view: https://t.co/80IJZCpD8Y
Seeking Alpha
22 Dec 14 12:00:35
Invest In 2015 By Starting With Glassdoor's Best Places To Work http://t.co/4PA2P1dQuB $AAPL #APPLE $DDD $FB $GOOG $HGG $WPRT
Tech Alerts
22 Dec 14 12:00:05
Facebook Has A Negative Margin Of Safety http://t.co/21wMcxIEnH $FB
Jeffrey Lai
22 Dec 14 11:59:50
RT @CapitalMktLabs: The Enormous Bet $TWTR Is Making Is Unlike Any Other $AAPL $FB $YELP $GOOGL $LNKD Read more: http://t.co/77WESxkOz5 htt…
Quantheta
22 Dec 14 11:59:43
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Capital Market Labs
22 Dec 14 11:57:54
The Enormous Bet $TWTR Is Making Is Unlike Any Other $AAPL $FB $YELP $GOOGL $LNKD Read more: http://t.co/77WESxkOz5 http://t.co/aZgofQZ1a2
Carolyn B Miciano
22 Dec 14 11:54:33
The critical art of adjusting Option spreads http://t.co/NTm3l74tzy $AMZN $FB $TWTR
Zen Trader
22 Dec 14 11:48:09
$FB A ton of buyers keep holding up 81.50 area. Will the money dry up or hod retest? Watching L2 requiring a lot of coffee here.
Daryl Buchanon
22 Dec 14 11:44:38
RT @InvestorsLive: Please like and share on $FB $TWTR if you like receiving chat logs !! https://t.co/9FKWn6DcU8 $GPRO $ISIS $GILD $CRR $TA…
Sarah Laitner
22 Dec 14 11:42:08
Why journalism needs to get over its fear of Facebook http://t.co/9wkF13coib via @davidhiggerson $FB #cmgr
Brian Gallo
22 Dec 14 11:41:09
"How will $FB monetize __________ ?" 2012 = "How will $TWTR monetize _________ ?" 2014
Vaulty Boy
22 Dec 14 11:40:54
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LloydCreekStocks
22 Dec 14 11:40:06
Facebook takes out October highs $FB http://t.co/nFqSVxOcGt
Media Sentiment
22 Dec 14 11:39:56
$FB received a new alert. Find out why at http://t.co/5lwmDm2SCs #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 283
Nathan Michaud
22 Dec 14 11:39:43
Please like and share on $FB $TWTR if you like receiving chat logs !! https://t.co/9FKWn6DcU8 $GPRO $ISIS $GILD $CRR $TASR $CUBA $FB $ADXS
Bill Gunderson
22 Dec 14 11:38:01
Nice breakout in Facebook $FB today. #231 overall. No position, but very interesting once again.
Access
22 Dec 14 11:36:44
no problem RT @JackDamn: Happy to see the Facebook $FB shares that I sold for a loss last week are in the hands of someone smarter than me.
				
				
By  +Follow October 3, 2013 2:23PM
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