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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
Cal
27 Dec 14 17:11:24
RT @StockSignaling: After Hours Volume Leaders: $DDD $SFUN $CDK $AG $GORO $NEM $SAND $RIOM $VHC $VZ $NKE $BRCM $JCP $RAD $GNW http://t.co/S…
Stock Signaling
27 Dec 14 17:01:20
After Hours Volume Leaders: $DDD $SFUN $CDK $AG $GORO $NEM $SAND $RIOM $VHC $VZ $NKE $BRCM $JCP $RAD $GNW http://t.co/S9oPUZ8PN3 #analytics
Stockaholics
27 Dec 14 14:25:54
Our Penny Stock Pick On $RGMI Is Up 271.62% In 4 Days! Get Our Next Pick Early: http://t.co/5aBIGeMhfd $JCP $AQUM $WSGI
MarketFaceToday
27 Dec 14 10:17:51
Several outlets indicating strong Xmas shopping numbers... Will $JCP finally capitalize on good numbers or once again miss the boat?
Investors Hangout
27 Dec 14 09:17:08
jim50: $JCP Volume Date=Dec-26-2014 Open=6.59 High=6.65 http://t.co/BYGhU25try
Investors Hangout
27 Dec 14 09:17:08
jim50: $JCP Volume Date=Dec-26-2014 Open=6.59 High=6.65 http://t.co/H88yi0AOQT
Investors Hangout
27 Dec 14 09:08:37
DennyT: AKS Key Statistics $AKS $AGQ $JCP $ADP $AGG http://t.co/nNsSFOyHdN
Investors Hangout
27 Dec 14 09:08:14
DennyT: AKS Key Statistics $AKS $AGQ $JCP $ADP $AGG http://t.co/tq7VRNu122
iHangout
27 Dec 14 09:03:14
chartguy89: Stock Charts: JDST Stock Chart $JDST $JCP $IEV $TNA http://t.co/qMfID3k1D8
iHangout
27 Dec 14 09:02:36
jim50: The Hunt for the Next 10 Bagger: $JCP Volume Date=Dec-26-2014 Open=6.59 High=6.65 http://t.co/jOV6UK9Xod
chartguy89
27 Dec 14 09:00:23
JDST Stock Chart $JDST $JCP $IEV $TNA http://t.co/3UX1jBvmZ1 http://t.co/D3JQH9LSPe
jim50
27 Dec 14 08:53:22
$JCP Volume Date=Dec-26-2014 Open=6.59 High=6.65 Low=6.4 Close=6.5 Volume=12490700 http://t.co/Dtlk8rxy8B
Cleveland_EMS
27 Dec 14 08:48:24
at some point the $JCP stock price gets cheaper than the real estate they own, that was $5 last year. RE worth more this year?
chartguy89
27 Dec 14 08:48:19
JNJ Stock Chart $JNJ $JCP $IBB $VLO http://t.co/n5TqTzoMhB http://t.co/gJqj8RIJ0A
Jake13
27 Dec 14 08:47:01
$BUNT Buy? Click here to find out if $BUNT is a buy hold or sell. Watching these stocks. $CORN $SH $DIS $JCP h http://t.co/aGpT6ZXoIz
DennyT
27 Dec 14 08:43:28
AKS Key Statistics $AKS $AGQ $JCP $ADP $AGG Opinion Today,50 Simple Moving Average,Current Price,Recent News,O http://t.co/5drMoIIPgN
lookn4wins
27 Dec 14 07:57:37
$QTMM Parabolic SAR $QTMM Most recent stock chart and technical analysis. $STX $AKS $AAL $CHK $GE $JCP http:// http://t.co/cqGEQDbXbb
leahanne
27 Dec 14 07:52:41
$DIS Walt Disney Company (DIS) 95.03 +0.61 (+0.65%) $JCP $AEM $SMH http://t.co/0KdWBqqbid
Investors Hangout
27 Dec 14 07:45:05
Emylers: $JCP Up to date company activities and other http://t.co/wJU1FpXmZb
Investors Hangout
27 Dec 14 07:45:04
Emylers: $JCP Up to date company activities and other http://t.co/KxWY6U6p10
iHangout
27 Dec 14 07:41:10
Emylers: ALERTS, HOT STOCKS & CHARTS: $JCP Up to date company activities and other http://t.co/vnZVOGJntL
Emylers
27 Dec 14 07:38:26
$JCP Up to date company activities and other important information about $JCP http://t.co/f9Lb7qJSDS
Raoul Chopra
27 Dec 14 07:18:31
Women's apparel, dining drive U.S. holiday sales: MasterCard http://t.co/dtoVhYJiPC $JCP $BBY $NKE $LULU
CareerStone
27 Dec 14 03:18:14
at some point the $JCP stock price gets cheaper than the real estate they own, that was $5 last year. RE worth more this year?
Stockaholics
26 Dec 14 23:13:10
Our Penny Stock Pick On $RGMI Is Up 271.62% In 4 Days! Get Our Next Pick Early: http://t.co/5aBIGeMhfd $JCP $AQUM $WSGI
PennyStock Zone
26 Dec 14 20:42:56
Tip #4 How to identify a HOT SECTOR? http://t.co/cFuOlMXLZp $UGAZ $JCP $PBYI $UNG $DGLY
Stockaholics
26 Dec 14 19:21:17
With Penny Stock Picks On $STTK & $RGMI, subscribers saw 671% Gains In One Month! Big Update: http://t.co/vpyNZKGU9u $JCP $AQUM $WSGI
Maleah
26 Dec 14 18:58:40
Tip #4 How to identify a HOT SECTOR? http://t.co/jnfUIrz2zo $UGAZ $JCP $PBYI $UNG $DGLY
OTPicks.com
26 Dec 14 18:01:25
http://t.co/NYsxQOU64w danrocks: $ASHR Buzz $UNH $JCP $PLKD $ELTP $TGT: danrocks http://t.co/Qxx6j4Ye8P http://t.co/NYsxQOU64w
Douglas Houserman
26 Dec 14 17:15:09
at some point the $JCP stock price gets cheaper than the real estate they own, that was $5 last year. RE worth more this year?
ShortStockVolume.com
26 Dec 14 14:31:10
Top Shorted Stocks 12/26/14... 19. $KMI 59.98% 20. $JCP 59.80% 21. $AMLP 59.35% 22. $JUNO 58.07% 23. $EMC 57.90% 24. $USO 57.50%...
ShortStockVolume.com
26 Dec 14 14:31:08
Top Shorted Stocks 12/26/14... 19. $KMI 59.98% 20. $JCP 59.80% 21. $AMLP 59.35%... http://t.co/9gOiDk626U
RealMarketAlerts
26 Dec 14 13:13:37
RT @CBOE: Options with increasing volume @CBOE: $GM $HST $MU $JCP $KO $BAC
Alpha Maven
26 Dec 14 13:11:53
RT @CBOE: Options with increasing volume @CBOE: $GM $HST $MU $JCP $KO $BAC
Syd Weedon
26 Dec 14 13:08:54
RT @CBOE: Options with increasing volume @CBOE: $GM $HST $MU $JCP $KO $BAC
Corporate Algorithm
26 Dec 14 12:50:01
RT @CBOE: Options with increasing volume @CBOE: $GM $HST $MU $JCP $KO $BAC
Leilani Pips
26 Dec 14 12:48:16
RT @CBOE: Options with increasing volume @CBOE: $GM $HST $MU $JCP $KO $BAC
Zubeyr Kamil Açıksar
26 Dec 14 12:42:45
RT @CBOE: Options with increasing volume @CBOE: $GM $HST $MU $JCP $KO $BAC
CBOE
26 Dec 14 12:41:47
Options with increasing volume @CBOE: $GM $HST $MU $JCP $KO $BAC
InvestDerp
26 Dec 14 12:40:54
Crazy to think that the dude who botched $JCP horribly is up 30%+ this year on an AUM $10B+
Teddy Vallee
26 Dec 14 12:35:30
$JCP upcoming quarter likely to surprise given low expectations and yoy comps. Long May $7 calls. http://t.co/y2HPM89BpU
don
26 Dec 14 12:16:24
Watching $AMCN $GFA $IVAC $JCP $MHR $MNKD $PSUN $VIMC $ZQK Merry Christmas to all. Bullish
Stockaholics
26 Dec 14 11:46:07
With Penny Stock Picks On $STTK & $RGMI, subscribers saw 671% Gains In One Month! Big Update: http://t.co/vpyNZKGU9u $JCP $AQUM $WSGI
John Turner
26 Dec 14 11:33:11
$JCP Pre-Christmas Survey Unveils J C Penney (JCP) To Be A Loser http://t.co/tmEJN1G5Bw
Sociology Studios
26 Dec 14 11:12:28
RT @webtechman: J C Penney Seems To Be A Loser http://t.co/iDsZ4wLgeR @Bidnessetc $JCP
Daniel Hudson
26 Dec 14 11:09:04
J C Penney Seems To Be A Loser http://t.co/iDsZ4wLgeR @Bidnessetc $JCP
Investors Hangout
26 Dec 14 10:23:45
chartguy89: UWTI Stock Chart $UWTI $JCP $BLTA $KNDI http://t.co/m9DEkygHKR
Investors Hangout
26 Dec 14 10:23:45
chartguy89: UWTI Stock Chart $UWTI $JCP $BLTA $KNDI http://t.co/Rs4oL1MZfq
chartguy89
26 Dec 14 10:11:49
UWTI Stock Chart $UWTI $JCP $BLTA $KNDI http://t.co/zzoBhHQBAb http://t.co/VpDnWdb84J
Investors Hangout
26 Dec 14 10:09:14
danrocks: $JCP Showing on my streamers $AMGN $DRYS $VDSI http://t.co/i53vxXTFVF
				
				
By  +Follow October 15, 2013 2:00PM
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