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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
Robbie
28 Nov 14 02:22:26
@CNBCWEX love the oil slide, pass the buck to the consumer and see a bounce in retail stocks on this critical season: Sears, $WMT, & $JCP
followback
27 Nov 14 23:26:49
The end of QE, but that doesn�t mean the end of profits. http://t.co/J9DHrhKnIS $vxx $sm $jcp $nflx $dpz $fb $twc
A. Vespasian
27 Nov 14 22:08:47
RT @IBDinvestors: What are the 5 best and worst places for Black Friday deals? http://t.co/9ZTX4Mg582 $AMZN $COST $BBY $WMT $JCP http://t.c…
PennyStock Zone
27 Nov 14 21:51:27
http://t.co/nGpJsAI10D <-- Turn $100 into $1000, $10000 or more in 30 days! $JCP $CYBR $FUEL $CSCO $CSIQ $ACHN $XONE $LULU
Christian Lamarco
27 Nov 14 21:48:23
Analyzing Black Friday lines at retailers is anecdotal evidence, useless imo. See $TGT $WMT $BBY $KORS $JCP $KSS $SHLD etc..
Alpha Maven
27 Nov 14 21:32:12
RT @IBDinvestors: What are the 5 best and worst places for Black Friday deals? http://t.co/9ZTX4Mg582 $AMZN $COST $BBY $WMT $JCP http://t.c…
Patty Edwards
27 Nov 14 21:25:10
Will every other letter be invisible? RT @BrianSozzi: JC Penney to me: "we will be issuing a #BlackFriday statement tomorrow morning." $JCP
Scott Thomas
27 Nov 14 21:20:10
RT @BrianSozzi: JC Penney to me: "we will be issuing a #BlackFriday statement tomorrow morning." $JCP
Stockaholics
27 Nov 14 21:09:36
Our Penny Stock Pick On $STTK Is Up 128.57% In 2 Days! Major Update: http://t.co/oR27rFfh2v $JCP $AQUM $WSGI
stockmarketnow
27 Nov 14 21:08:36
RT BrianSozzi: JC Penney to me: "we will be issuing a #BlackFriday statement tomorrow morning." $JCP
Zahavah Lamartine
27 Nov 14 21:05:36
cmon $JCP get up to 20 so i can sell you again
Denny
27 Nov 14 21:04:35
RT @IBDinvestors: What are the 5 best and worst places for Black Friday deals? http://t.co/9ZTX4Mg582 $AMZN $COST $BBY $WMT $JCP http://t.c…
Nicole J. Nigh
27 Nov 14 20:59:02
RT @BrianSozzi: JC Penney to me: "we will be issuing a #BlackFriday statement tomorrow morning." $JCP
Auto Binary option
27 Nov 14 20:58:25
RT @BrianSozzi: JC Penney to me: "we will be issuing a #BlackFriday statement tomorrow morning." $JCP
TheStreet
27 Nov 14 20:57:00
RT @BrianSozzi: JC Penney to me: "we will be issuing a #BlackFriday statement tomorrow morning." $JCP
Brian Sozzi
27 Nov 14 20:51:40
JC Penney to me: "we will be issuing a #BlackFriday statement tomorrow morning." $JCP
Abhishek
27 Nov 14 20:47:05
The end of QE, but that doesn�t mean the end of profits. http://t.co/J34Zv3VC9P $vxx $sm $jcp $nflx $dpz $fb $twc
Wiebke Breming
27 Nov 14 20:26:08
cmon $JCP get up to 20 so i can sell you again
Clint Ourso
27 Nov 14 20:15:08
RT @IBDinvestors: What are the 5 best and worst places for Black Friday deals? http://t.co/9ZTX4Mg582 $AMZN $COST $BBY $WMT $JCP http://t.c…
Gilbert MAHE
27 Nov 14 20:15:03
RT @IBDinvestors: What are the 5 best and worst places for Black Friday deals? http://t.co/9ZTX4Mg582 $AMZN $COST $BBY $WMT $JCP http://t.c…
Detroit Trader
27 Nov 14 20:00:01
RT @IBDinvestors: What are the 5 best and worst places for Black Friday deals? http://t.co/9ZTX4Mg582 $AMZN $COST $BBY $WMT $JCP http://t.c…
Investors.com
27 Nov 14 19:41:09
What are the 5 best and worst places for Black Friday deals? http://t.co/9ZTX4Mg582 $AMZN $COST $BBY $WMT $JCP http://t.co/SpGfYpPkih
Brian Sozzi
27 Nov 14 19:06:48
RT @jcpnews: Customers rush into JCPenney in Johnson City, TN, looking for Black Friday doorbusters $JCP http://t.co/YpEKiaSv6E
Chris Smart
27 Nov 14 18:39:41
RT @jcpnews: First $100 off $100 coupon winner at JCPenney in Forest Village Park -- Forestville, MD $JCP http://t.co/d2Kv3e3uKR
geeta
27 Nov 14 18:20:40
The end of QE, but that doesn�t mean the end of profits. http://t.co/4pfzbGvdWu $vxx $sm $jcp $nflx $dpz $fb $twc
Quantheta
27 Nov 14 18:00:02
#SENTISHIFTUP $QUAD $B $JCP $GILD $HLF $WAG $DGAZ $BABA $JNUG $TGT #quantheta #sentiquant
Teddy Vallee
27 Nov 14 17:58:23
RT @philwahba: Pretty big crowd at $JCP in Manhattan- which is opening at 5pm- earlier than Macy's or Kohl's http://t.co/kLLuHCXgW9
Teddy Vallee
27 Nov 14 17:58:02
RT @jcpnews: Customers rush into JCPenney in Johnson City, TN, looking for Black Friday doorbusters $JCP http://t.co/YpEKiaSv6E
JCPenney News
27 Nov 14 17:46:11
Birmingham Store Leader Joel Haynes with an excited customer who just won a $100 off $100 coupon $JCP http://t.co/ciP7qjU2p4
JCPenney News
27 Nov 14 17:44:00
JCPenney Black Friday doorbuster deals in Home were a big hit in Birmingham, AL $JCP http://t.co/F17JmNnGyW
Meretseger®ﺃﺭﻣﻴ
27 Nov 14 17:10:00
RT @BrianSozzi: Different feel to JC Penney right off bat vs. 2013, way more in home area #BlackFriday $JCP http://t.co/9gb9haakkG
JCPenney News
27 Nov 14 16:57:09
First $100 off $100 coupon winner at JCPenney in Forest Village Park -- Forestville, MD $JCP http://t.co/d2Kv3e3uKR
TechHills
27 Nov 14 16:56:05
“@jcpnews: Customers rush into JCPenney in Johnson City, TN, looking for Black Friday doorbusters $JCP http://t.co/uMpHMyGgEI”
JCPenney News
27 Nov 14 16:54:52
Customers rush into JCPenney in Johnson City, TN, looking for Black Friday doorbusters $JCP http://t.co/YpEKiaSv6E
JCPenney News
27 Nov 14 16:04:36
$10 off $10 or more savings coupons a hit in Eatontown, NJ. $jcp http://t.co/aL96IG5Nqo
Quantheta
27 Nov 14 16:00:04
#SENTISHIFTUP $QUAD $JCP $GILD $B $HLF $WAG $JNUG $TGT $BABA $DGAZ #quantheta #sentiquant
JCPenney News
27 Nov 14 15:59:01
A $100 off $100 or more savings coupon recipient at #JCPenney in Cookeville, TN! $jcp http://t.co/sbhUzGDJ3v
AvantGardeCROWN
27 Nov 14 15:54:11
RT @philwahba: Pretty big crowd at $JCP in Manhattan- which is opening at 5pm- earlier than Macy's or Kohl's http://t.co/kLLuHCXgW9
AvantGardeCROWN
27 Nov 14 15:54:08
RT @philwahba: A $JCP shopper told me she likes the 5pm open vs 8pm- coming in for a specific door buster then back home to the turkey
AvantGardeCROWN
27 Nov 14 15:53:48
RT @philwahba: JCPenney giving its own brands a big push in Black Friday sales $jcp http://t.co/HqVpxvUsHk
JCPenney News
27 Nov 14 15:51:57
Worthington, A.N.A. and St. John's Bay are popular choices for shoppers in Lewisville, TX. $jcp http://t.co/mUtvjV4atQ
Gustavo Ruiz
27 Nov 14 15:49:41
RT @philwahba: Pretty big crowd at $JCP in Manhattan- which is opening at 5pm- earlier than Macy's or Kohl's http://t.co/kLLuHCXgW9
Gustavo Ruiz
27 Nov 14 15:45:29
RT @philwahba: JCPenney giving its own brands a big push in Black Friday sales $jcp http://t.co/HqVpxvUsHk
oswald kendy
27 Nov 14 15:42:59
RT @philwahba: Pretty big crowd at $JCP in Manhattan- which is opening at 5pm- earlier than Macy's or Kohl's http://t.co/kLLuHCXgW9
oswald kendy
27 Nov 14 15:42:55
RT @philwahba: A $JCP shopper told me she likes the 5pm open vs 8pm- coming in for a specific door buster then back home to the turkey
oswald kendy
27 Nov 14 15:42:33
RT @philwahba: JCPenney giving its own brands a big push in Black Friday sales $jcp http://t.co/HqVpxvUsHk
Marchino_84
27 Nov 14 15:42:10
@BrianSozzi Different feel to JC Penney right off bat vs. 2013, way more in home area #BlackFriday $JCP http://t.co/teTRbNtOkV @carlrussian
JCPenney News
27 Nov 14 15:38:12
Shoppers selecting boots for $19.99 at #JCPenney in Altamonte Springs, FL. $jcp http://t.co/5rYOLcq15v
stockmarketnow
27 Nov 14 15:24:45
RT BrianSozzi: Different feel to JC Penney right off bat vs. 2013, way more in home area #BlackFriday $JCP http://t.co/kHp7inUgsT
Gil | Lopez
27 Nov 14 15:23:07
“@BrianSozzi: Different feel to JC Penney right off bat vs 2013, way more in home area #BlackFriday $JCP http://t.co/Jd7SKUTTVT” @jimcramer
				
				
By  +Follow October 15, 2013 2:00PM
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