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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
Stockaholics
21 Oct 14 22:05:44
Our Penny Stock Picks Gained 371% In 2 Weeks! Get Our Next Pick Early: http://t.co/z2noBUWrEP $JCP $AQUM $WSGI
MuRk-MoNsT3R
21 Oct 14 20:12:32
@ClayTrader25 Hi Clay, requesting a video chart on $JCP Thnx
MuRk-MoNsT3R
21 Oct 14 20:03:34
$JCP if 7.9 falls it has a shot for 8.5 ... if 7.58 fails 7.4 should prove support or cover #beamteam
Thomas Oster
21 Oct 14 19:25:06
“@foolsgold91789: Watching 10/21 $AFFX $ANGI $ARIA $AUQ $CTIC $CY $DOM $HPJ $JCP $RMTI $SPEX $WHX” what do you think about $RMTI?
HotKeyTrading
21 Oct 14 18:30:06
Top Stock Picks: $NLNK $MU $SCOK $SUNE $HAL $POST $ILMN $JCP $AAPL $BAC $BBRY http://t.co/XQITF0lRKD #watchlist #daytrader #analyst #stock
Jeff Lee
21 Oct 14 18:00:45
RT @CalConfidence: it's bad when the only reason to carry a $JCP bag is when you're dealing with radioactivity fears http://t.co/4D3l4LNc3s
HotKeyTrading
21 Oct 14 16:30:03
Top Stock Picks: $NLNK $MU $SCOK $SUNE $HAL $POST $ILMN $JCP $AAPL $BAC $BBRY http://t.co/XQITF0lRKD #analyst #investors #watchlist #mkt
CalConfidence
21 Oct 14 15:35:26
it's bad when the only reason to carry a $JCP bag is when you're dealing with radioactivity fears http://t.co/4D3l4LNc3s
Eric
21 Oct 14 15:32:06
RT @StockSignaling: Upgraded Stocks Active After Hours: $ETFC $ILMN $HAL $WERN $KEY $HST $JCP $CLMT $NAVI $XLNX $QLGC $AMD $FMI $MGM $TWC h…
badwolf303
21 Oct 14 15:31:47
RT @sapna: Sterne Agee on $JCP downgrade: "Ackman/Johnson-Dug Hole Is So Deep" and "this turnaround needs Allen Questrom."
Stock Signaling
21 Oct 14 15:31:44
Upgraded Stocks Active After Hours: $ETFC $ILMN $HAL $WERN $KEY $HST $JCP $CLMT $NAVI $XLNX $QLGC $AMD $FMI $MGM $TWC http://t.co/Vtx6dLy0Nw
FOREX Insight
21 Oct 14 15:19:03
RT @RiskReversal: ICYMI: Monday's Notable Options Activity: $AAPL, $COV, $XLI, $JCP, $RICE http://t.co/fyeUICTnnO @EnisTaner
Dan Nathan
21 Oct 14 15:12:09
ICYMI: Monday's Notable Options Activity: $AAPL, $COV, $XLI, $JCP, $RICE http://t.co/fyeUICTnnO @EnisTaner
Neal Bernard
21 Oct 14 14:51:03
$JCP 7.50 support holds then welcome 8+. tis the season. This guys is a lot more optimistic than me 19+??...http://t.co/bOcecmy32u
Neal Bernard
21 Oct 14 14:37:25
RT @HVST: $JCP: How Pennies Make Dollars https://t.co/8ysSv6PE6Z #investing #retail http://t.co/jbR1DhfrZ1
Stockaholics
21 Oct 14 12:44:09
Our Penny Stock Picks Gained 371% In 2 Weeks! Get Our Next Pick Early: http://t.co/z2noBUWrEP $JCP $AQUM $WSGI
Daily Contracts
21 Oct 14 12:43:01
Real-Time feed of company contracts, original agreements and executive updates from J. C. Penney $JCP http://t.co/MvHvXjt6Lg
James P Worthy
21 Oct 14 12:31:10
$JCP J C Penney Company Inc Picks Home Depot Exec As New CEO http://t.co/4Cg0cZGJ7W
Thomas Collins
21 Oct 14 12:31:09
$JCP J C Penney Company Inc (JCP): The Bull Case http://t.co/4vApIovdTK
Mark S Boone
21 Oct 14 11:39:31
$JCP Moron looking at the wrong options. Seller n the morning of around 20k of the Jan15 9 puts at an average price of 2.02, likely to close
DailyStockPicks
21 Oct 14 11:38:36
Earnings out for Owens Corning tomorrow. Is it due for a collapse? http://t.co/Est9NjxYUb $ARWR $AA $XOMA $XIV $DRIO $UTIL $JBS $JCP $TKMR
Big Money
21 Oct 14 11:31:08
$JCP need rape support? http://t.co/RGtTE3UNf4
Jeff
21 Oct 14 11:26:06
$jcp shorts cannot get $jcp under prior resistance
Jacob Wolinsky
21 Oct 14 11:22:10
$JCP? #toosoon? @lopezlinette Ackman: Any investor who wants to get into retail after reading Bezos bio needs to 'get their head examined'
Alexander Morris
21 Oct 14 11:10:03
$JCP: Exc 1WkHIGH=7.53, hits:1, Rng:11%, ch:-0.3%[1.3%offLo], phNearCl:BrkPHi+PLo[-1.8%], HFltBO+, 2:1Accel+, tf:0110001, HiPctSht[30%:3d]
Oscar Manrique
21 Oct 14 11:00:42
"@CBOE: Stocks with increasing volume @ CBOE: High option volume stocks: $NQ $JCP $DAL $CSCO $CMG"
Jeff
21 Oct 14 11:00:10
New $jcp resistance above is at the $7.80 level
Jeff
21 Oct 14 10:59:00
$jcp is still holding over prior resistance that is broke over yesterday, still looking for $jcp to test the $8 level just not today I guess
CBOE
21 Oct 14 09:38:35
Stocks with increasing volume @ CBOE: High option volume stocks: $NQ $JCP $DAL $CSCO $CMG
StockCats
21 Oct 14 06:17:36
consumer perception is everything - people don't want to eat garbage at $MCD and women don't want to shop for clothes at $JCP #study
Dan Nathan
21 Oct 14 05:12:04
Monday's Notable Options Activity: $AAPL, $COV, $XLI, $JCP, $RICE http://t.co/fyeUICTnnO @EnisTaner
FonsieTrader
21 Oct 14 04:09:59
Parabolic Sar Buy Signals 3/4 $HFC $HIG $HLT $HZNP $IMGN $JCP $JNJ $KRFT $KSS $LB $LKQ $LLY $LOW $LYG $MAS $MET $MLNX http://t.co/G0FgY4e49Z
Jeff
21 Oct 14 02:41:07
If $jcp can turn itself around it should be $30 in 3-4 yrs, with 13-14b in revs and $8b market cap
takethisbet
21 Oct 14 01:56:50
@Ontiquate score of $114.29! $JCP 5bf5e #takethisbet http://t.co/FOP3hHKSj8
WallStreet Pennies
21 Oct 14 01:41:41
Dollar$OnPennies: $JCP Gallery View http://t.co/HD7i806gA5
Quantpost Service
20 Oct 14 23:43:27
$HD $JCP News: "For Buy-And-Hold Investors, It's Hard To Lose Money (Part II)…" http://t.co/IL1XHebMnT Board view: https://t.co/tOCXX6yjwJ
Seeking Alpha
20 Oct 14 23:43:26
For Buy-And-Hold Investors, It's Hard To Lose Money (Part II) http://t.co/uyj2HgrfPR $AAPL #APPLE $BBRY $CSCO $HD $JCP $KO $PG $TJX
Spikes n Bouncers
20 Oct 14 23:17:55
Went through 300+ charts. Long Watchlist: $NDRO $RSH $CNET $MERC $PKT $BIOF $JCP $CRF $AT $SFXE $CTCM $DGAZ $NQ $KWK $SCOK
foolsgold
20 Oct 14 22:00:04
Watching 10/21 $AFFX $ANGI $ARIA $AUQ $CTIC $CY $DOM $HPJ $JCP $RMTI $SPEX $WHX
Stockaholics
20 Oct 14 21:05:22
Our Penny Stock Picks Gained 371% In 2 Weeks! Get Our Next Pick Early: http://t.co/z2noBUWrEP $JCP $AQUM $WSGI
Jacob Wolinsky
20 Oct 14 20:37:14
Still cannot wait for $SHLD and $JCP to merge its perfect match on so many levels just need the right name
Katherine Feser
20 Oct 14 20:08:35
RT @Michael_MBA: “@greg_maloney: JCPenney un-reinvention sees success. http://t.co/lRnJCnI6AJ via @ICSC $JCP
Michael
20 Oct 14 20:04:48
“@greg_maloney: JCPenney un-reinvention sees success. http://t.co/lRnJCnI6AJ via @ICSC $JCP
PlungeProtectionTeam
20 Oct 14 17:55:52
RT @MTNG: All the different charts. $ANAC $CLDX $CTXS $FCH $JBL $JCP $PACB $TCK $TX $VDSI $XRX --> Different is good! http://t.co/usNLU9QMJL
Mr. Tippy
20 Oct 14 17:54:28
All the different charts. $ANAC $CLDX $CTXS $FCH $JBL $JCP $PACB $TCK $TX $VDSI $XRX --> Different is good! http://t.co/usNLU9QMJL
Mr. Tippy
20 Oct 14 17:51:28
$JCP http://t.co/tw082tGOWD
Chess
20 Oct 14 17:33:12
"@RaginCajun: Monday Night Charts | http://t.co/0nvBl3VZQt $AAPL $TWTR $JCP $RAD
Stockaholics
20 Oct 14 17:23:56
Our Penny Stock Picks Gained 371% In 2 Weeks! Get Our Next Pick Early: http://t.co/z2noBUWrEP $JCP $AQUM $WSGI
RC
20 Oct 14 17:22:33
Monday Night Charts | http://t.co/L8kXutZVaE $AAPL $TWTR $JCP $RAD $FCX $SHLD $AVP $MOS $GPRO $MBLY $GMCR $CERS $SALE $GWPH $GDOT
Kevin Kennedy
20 Oct 14 17:16:09
RT @StockSignaling: After Hours Volume Leaders: $TXN $KEY $HST $ODP $JCP $HAL $AVNR $FSP $RDN $ENPH $AEL $NAVI $URBN $SNDK $ALU http://t.co…
				
				
By  +Follow October 15, 2013 2:00PM
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