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Wall Street Struggles as Debt Compromise Disappears

By  +Follow October 15, 2013 2:00PM
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With the government shutdown embarking on its third week and a possible debt default only two days away, stocks dropped on Tuesday in reaction to what is by all appearances a chaotic situation in Washington D.C.

The previous day’s optimism over a deal between President Obama and Congress that would at the very least avert a default on US debt until the beggining of next year had dissipated by midday as Republicans in the House of Representatives offered their own plan to counter on the one that was being worked out by the Senate. Both House and Senate proposals would lack the devastating cuts to “Obamacare” and other government spending that has become a selling point for far-right Republican politicians over the past years, but still seeks to force concessions that the White House and the Senate are almost certain to reject.

The wrangling and general atmosphere of calamity flowing out of Capitol Hill found its way onto Wall Street, with the Standard & Poor’s 500 index dropping 0.71 percent to 1,698.06 points, while the Dow Jones Industrial Average fell 0.87 percent to close at 15,168.01, and the NASDAQ was off 0.56 percent for a tally of 3,794.01.

On the S&P 500, J.C. Penney Company (JCP) took yet another hit, with shares losing nearly 9 percent by the end of trading in response to rumors that the company had hired a bankruptcy counselor, rumors that the company denied outright. Overall, the index’s biggest losers were tech shares, with substantial losses taken by hardware companies such as Teradata Corporation (TDC) , F5 Networks Inc. (FFIV) , and Eaton Corporation (ETN) .

United States Steel Corp. (X) was a bright spot, gaining over 5 percent on the day.

The Dow saw all but two of its components lower on the day, with The Home Depot Inc. (HD) leading the way down, followed by Procter & Gamble Co. (PG) . Microsoft Corporation (MSFT) and healthcare giant Johnson & Johnson (JNJ) managed to edge their way into the green.

On the NASDAQ, shares for Savient Pharmaceuticals (SVNT) dropped off the cliff, losing nearly 90 percent to finish at $0.07 each after news emerged that the specialty drug manufacturer was filing for chapter 11 bankruptcy.

Otherwise, the exchange was weighed by tech shares, with Applied Materials Inc. (AMAT) and Yahoo! Inc. (YHOO) dropping on heavy trading, even though Apple Inc. (AAPL) added about half of a percent to close higher on news that the company had hired former Burberry ($BURBY) CEO Angela Ahrendts to the newly created position of senior vice president.

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 jcp
Colin Macleod
30 Sep 14 19:39:25
Lovin these 4 gap ups for morning action Wednesday http://t.co/iFtg27fFYI $EBAY $MOVE $GPRO $JCP Ride em Fade em Just Get Paid!
TV
30 Sep 14 17:04:12
Consumer credit, excluding mortgages, rose at a seasonally adjusted annual rate of 9.7% in July - via @wsj . Positive news for $JCP
$Stocknewsalerts
30 Sep 14 16:18:38
$JCP New JCPenney SEC Filing Alert From our Stock News Alerts App
Stockaholics
30 Sep 14 15:50:04
FPFI closed up 250% today! Huge Update and new pick coming: http://t.co/wSPWepHL5n $JCP $AQUM $WSGI
James P Worthy
30 Sep 14 15:30:33
$JCP JC Penney: Reducing Leverage Should Be A Concern http://t.co/VKOJdaXl0C
Cutlass
30 Sep 14 14:11:10
RT @Taarriqq: TRADER IN CHAT 15:53 pm-- trent: oct. $jcp 10.00 in at .26 out at .50! thx T
Stocks News&Markets
30 Sep 14 13:52:10
$JCP - Statement of Changes in Beneficial Ownership (4) http://t.co/HnzTlBCBXl
OPTIONS/STOCK EXPERT
30 Sep 14 13:00:58
TRADER IN CHAT 15:53 pm-- trent: oct. $jcp 10.00 in at .26 out at .50! thx T
Tuan
30 Sep 14 12:51:58
$JCP couple nice green candles there..
Evener Investment
30 Sep 14 11:45:04
RT @SeekingAlpha: What Could Cause The U.S. Retail Sector To Outperform In Q4? http://t.co/QgOgF7hIJM $AEO $ARO $BURL $FDO $JCP $KMX $URBN …
Craig Garbers
30 Sep 14 11:44:33
RT @SeekingAlpha: What Could Cause The U.S. Retail Sector To Outperform In Q4? http://t.co/QgOgF7hIJM $AEO $ARO $BURL $FDO $JCP $KMX $URBN …
Quantpost Service
30 Sep 14 11:41:27
$JCP News Alert: http://t.co/D8G3s6SPKC Updated options view: https://t.co/8diJKa4F0s All options views: https://t.co/nRl8BLoEir
Seeking Alpha
30 Sep 14 11:41:26
What Could Cause The U.S. Retail Sector To Outperform In Q4? http://t.co/QgOgF7hIJM $AEO $ARO $BURL $FDO $JCP $KMX $URBN $XRT
BSC Capital
30 Sep 14 11:05:20
$AMD, $S, $VIP, $JCP - the greatest BSC Capital's ideas are rrealizing NOW! Call us and buy this greatest shares... http://t.co/nCVknj0jgp
Brynne Parrott
30 Sep 14 10:12:39
Doing Christmas shopping. Picking up some $JCP to go with my $TGT
Tuan
30 Sep 14 09:57:53
$JCP alright lets do this!
IVolatility
30 Sep 14 09:28:46
RT Options Scanner shows J.C. Penney $JCP October 11 call option implied volatility increased 8% to 55
Charlie Weeks
30 Sep 14 09:27:28
Technical indicator (Triple Momemtum) signaled a Buy for $JCP at $9.86 #stockmarket - http://t.co/YjId6T0ttP
nobullshytrader
30 Sep 14 09:06:35
$BBRY iz this fuckin turd zero yet? $SHLD $JCP
Livevol Community
30 Sep 14 09:00:05
IV30(TM) GAINER $SLV +23.01% $USO +18.49% $WFM +17.52% $ACHN +10.58% $FSL +10.06% $JCP +7.27% $LOCO +7.11% http://t.co/gwzPxhnztr
Mark S Boone
30 Sep 14 08:35:00
$JCP Whole lot of hungry bears on this. Going to take a lot more than a Moody's Debt upgrade to break that strangle hold here. JMO.
Daily Contracts
30 Sep 14 08:11:00
Real-Time feed of company contracts, original agreements and executive updates from J. C. Penney $JCP http://t.co/MvHvXjt6Lg
Tuan
30 Sep 14 07:53:43
$JCP lower high or break out here..
Trader News Daily
30 Sep 14 07:38:11
http://t.co/PeRPkYu8Uk premium membership ranked #1 for gains. 483% last week. Related: $FNMA $RAD $FITX $AMD $CPRX $ARCP $SAN $CNET $JCP
Jeff
30 Sep 14 07:34:09
On watch for today $GPRO $VIMC $F $EBAY $EMKR $JCP $PBR $GLD $WAG $MOVE $Z
Steve Mahoney
30 Sep 14 07:26:08
RT @SeekingAlpha: GoPro: On The Way To A 52-Week Low http://t.co/UECXSSJRG6 $GOOGL $GRMN $JCP $MSFT $SNE $AAPL $GPRO
Home Building Feed
30 Sep 14 07:25:30
Apple Faces Damni... $anr $jcp $aapl $lea $gm $vz $vod $dhi $aee $dyn $czr $wynn $mgm $bac http://t.co/b8TTgOBDwT http://t.co/HpFej9dFe6
Retail Stores Feed
30 Sep 14 07:25:29
Apple Faces Damni... $anr $jcp $aapl $lea $gm $vz $vod $dhi $aee $dyn $czr $wynn $mgm $bac http://t.co/orYTCMfJM1 http://t.co/WKKKGmQ4Q1
Hotel & Resort Feed
30 Sep 14 07:25:29
Apple Faces Damni... $anr $jcp $aapl $lea $gm $vz $vod $dhi $aee $dyn $czr $wynn $mgm $bac http://t.co/z6uDMSvurM http://t.co/ssqyxqcLZd
Telco Equipment Feed
30 Sep 14 07:25:29
Apple Faces Damni... $anr $jcp $aapl $lea $gm $vz $vod $dhi $aee $dyn $czr $wynn $mgm $bac http://t.co/6EUv5U3FXE http://t.co/nPTsuCbJ28
Tech Industry Feed
30 Sep 14 07:25:28
App... $anr $jcp $aapl $lea $gm $vz $vod $dhi $aee $dyn $czr $wynn $mgm $bac #TechIndustry http://t.co/j5vRdBZDQs http://t.co/Lc3h9xA6Gc
Major Banks Feed
30 Sep 14 07:25:27
Apple Faces Damni... $anr $jcp $aapl $lea $gm $vz $vod $dhi $aee $dyn $czr $wynn $mgm $bac http://t.co/JTqAapjjXe http://t.co/oqRjFPsWfG
M D
30 Sep 14 07:12:21
Took a week off, let's fill some gaps now baby! $AAPL $TWTR $OPK $GTAT $JCP
Adam
30 Sep 14 07:08:00
RT @OpenOutcrier: $JCP Real Oct 9.5 puts getting a lot of action. 5000 on day.
Open Outcrier
30 Sep 14 06:57:12
$JCP Real Oct 9.5 puts getting a lot of action. 5000 on day.
LCD News
30 Sep 14 06:55:08
JC Penney #highyield bonds edge off lows; Moody's upgrades outlook on credit $ http://t.co/tGCH4lgLLy $JCP #hy #hybonds
MatthewTae
30 Sep 14 06:45:57
Closed $JCP options positions. Bought 5 Oct 3, 10 puts to close for 26. Sold 3 Oct 10, 10 calls to close for 42.
Bidness Etc
30 Sep 14 04:48:32
Bidness Etc analyzes the reasons for the Moody's upgrade and why investors should remain cautious on the stock- http://t.co/j5R5A69X8f $JCP
takethisbet
30 Sep 14 01:54:05
@Ontiquate is winning with a score of $146.88! $JCP 8b6f9 #takethisbet http://t.co/FOP3hHKSj8
Stockaholics
29 Sep 14 23:40:17
$VOIS gained 218.52% in less than 3 weeks, after our Penny Stock Alerts! Major Update: http://t.co/HglCNdSVSO $JCP $AQUM $WSGI
Retail Stores Feed
29 Sep 14 21:37:01
Anti-Gay Baker Brought To Tears Over Bakery Closing $jcp http://t.co/A9dsVReygi http://t.co/zbw2vuIpcg
Consumer Services
29 Sep 14 21:37:00
Anti-Gay Baker Brought To Tears Over Bakery Closing $jcp #consumerservices http://t.co/g2ALQ5YpVj http://t.co/1S2pIrnttg
strader55
29 Sep 14 20:04:44
nlightn: $JCP,...J.C. Penney outlook hiked at Moody's - nlightn http://t.co/LsFcAKtneX
Perfor Mance
29 Sep 14 20:01:08
Option Millionaires: nlightn: $JCP,...J.C. Penney outlook hiked at Moody's http://t.co/4AfjF4xljm
Stockaholics
29 Sep 14 14:45:40
$VOIS gained 218.52% in less than 3 weeks, after our Penny Stock Alerts! Major Update: http://t.co/LcBxWgdLUh $JCP $AQUM $WSGI
Mark S Boone
29 Sep 14 14:36:14
$JCP While everyone was staring at the stock....they sneaked ya! LOL!! Opps! Always watch the bonds and the options. They always know 1st.
Todd Ingersoll
29 Sep 14 13:56:39
RT @ACInvestorBlog: $JCP Moody's Affirms Ratings on JC Penney; Outlook Raised from Negative to Stable
Greg Joslyn
29 Sep 14 13:55:52
RT @qbeatsnews: Moody's lifts negative outlook on retailer, citing refi, performance: http://t.co/ZRiMVzCeTH $JCP #HY #retail
Media Sentiment
29 Sep 14 13:55:04
$JCP received a new alert. Find out why at http://t.co/5udYd0Ofs6 #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 461
Antonio Costa
29 Sep 14 13:54:29
$JCP Moody's Affirms Ratings on JC Penney; Outlook Raised from Negative to Stable
				
				
By  +Follow October 15, 2013 2:00PM
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