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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. To read our full disclosure, please go to: http://www.equities.com/disclaimer


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Results for jcp
Time=Best Stock
2 Sep 15 11:27:16
RT @BullLogic: $JCP DO IT!!!!!
Analyst Actions
2 Sep 15 11:25:02
$JCP: Analyst action by Imperial Capital on JC Penney Co: http://t.co/VKaA4xDANU http://t.co/iEJMerBtJb
Bull Logic
2 Sep 15 11:19:41
$JCP DO IT!!!!!
Bull Logic
2 Sep 15 10:16:07
RT @slarowe86: 3 $JCP SEPT 11th 9.5C BOT @ 0.22
Steve
2 Sep 15 10:12:15
3 $JCP SEPT 11th 9.5C BOT @ 0.22
Time=Best Stock
2 Sep 15 09:51:18
RT @BullLogic: $JCP breakout of 9.50 get's the party ripping. Welcome bulls.
Bull Logic
2 Sep 15 09:48:09
$JCP breakout of 9.50 get's the party ripping. Welcome bulls.
dominic
2 Sep 15 09:28:08
@HalftimeReport When they did it this was a major bull market. And all the peons were out there defending it. Same with $JCP when it was 40
TimeForGrowth
2 Sep 15 09:22:01
$JCP: Wall Street analysts bullish on JCP's earnings growth: http://t.co/i7EiziKsgA http://t.co/dIxOikIgoE
Russell Barbour
2 Sep 15 09:16:37
http://t.co/MwFEenZsW2 <-- This millionaire trader teaches stock trading strategy and he is the BEST $AMBA $JDST $JCP $MBLY $HALO
Bull Logic
2 Sep 15 09:15:15
$JCP figures..expecting eod rally back to green.
Jim Lincoln
2 Sep 15 09:04:02
RT @Jim5011: ED Consolidated Edison, Inc. Tick http://t.co/MxpA56AfRA $ED $EEM $TBEV $JCP #ED #tradeideas #stocks
Qui Bono?
2 Sep 15 09:01:55
$JCP well it had some nice days.. back to business I guess
12Stocks.com
2 Sep 15 08:53:35
MidCap #Stocks Trend $SLH $JCP $POST $ACXM $FLO $WCG $LANC $CBOE $GES $IM $CASY $NVR $SFG $CYT $THOR $ANF @ http://t.co/H27z0IZ4hK
DailyStockPicks
2 Sep 15 08:28:29
$ANFI huge bounce play like $ACI. 100%+ upside potential P/E of 3 $LEN $JCP $CB $ALE $MBFI $CAJ investors read http://t.co/L1jwUV6Bag
Sweet Platform
2 Sep 15 08:22:49
JCP Top news - Sep 2nd, 2015 $JCP http://t.co/TSILXpxjiM
leahanne
2 Sep 15 08:09:21
Volume Alert - JCP 9.30 J.C. Penney Company Inc $JCP Hit a high today of 9.48 Closing the day 10:30 at 9.30 +0 http://t.co/kpFQ9dz3UM
Time=Best Stock
2 Sep 15 08:05:12
RT @BullLogic: $JCP 150k buy block. This thing is being accumulated and manipulated
Time=Best Stock
2 Sep 15 08:04:52
RT @BullLogic: $JCP Let's go Jacque!
Bull Logic
2 Sep 15 08:04:04
$JCP 150k buy block. This thing is being accumulated and manipulated
Bull Logic
2 Sep 15 08:01:02
$JCP Let's go Jacque!
danrocks
2 Sep 15 07:46:41
Right now JCP is number 36 for the largest percentage gain out of 246 stocks. $JCP JCP is up +18.28% in the la http://t.co/489Y6gJKwA
Bull Logic
2 Sep 15 07:26:46
$JCP right down to the trend and bounced. Great turn around story. abcd in play
Zero Filter
2 Sep 15 07:23:39
$ZQK seeking buyers for potential mgt #buyout - Bloomberg story @Quiksilver @DCShoes @Roxy // @optionmonster @jimcramer $XRT $TGT $JCP $WMT
NelsNYC
2 Sep 15 07:22:02
RT @harmongreg: Is JC Penney breaking out? - Dragonfly Capital $JCP http://t.co/seqrWyXmvA http://t.co/sKRcw2vJBM
NelsNYC
2 Sep 15 07:20:18
RT @TweetLeni: Retail breakout lead by $JCP..this would be too good on the ironic side of things if it, indeed, does happen..
Diagonal Reports
2 Sep 15 07:09:40
The new paradigm in beauty retail is 'scale' #CVS $CVS #WBA $WBA #WMT $WMT #JCP $JCP $MACYS #MACYS $TGT #TGT #RAD $RAD @CelesioAG #ASWATSON
Ani Anirudhan
2 Sep 15 07:08:42
RT @BlockTradeAlert: BLOCK TRADE: $JCP 342,100 shares @ $9.40 [10:08:17]
BlockTradeAlert
2 Sep 15 07:08:17
BLOCK TRADE: $JCP 342,100 shares @ $9.40 [10:08:17]
Mark S Boone
2 Sep 15 07:03:51
$JCP Resistance becoming support. Higher. JMO GLTA
Bull Logic
2 Sep 15 07:00:41
$JCP HUGE BLOCK
Leni
2 Sep 15 06:54:42
Retail breakout lead by $JCP..this would be too good on the ironic side of things if it, indeed, does happen..
Bull Logic
2 Sep 15 06:04:31
RT @thelegacynewswi: J C Penney Company Stock Rating Upgraded by Deutsche Bank $JCP http://t.co/85kHXIK3cZ
The Legacy News
2 Sep 15 05:58:46
J C Penney Company Stock Rating Upgraded by Deutsche Bank $JCP http://t.co/85kHXIK3cZ
Ani Anirudhan
2 Sep 15 05:56:12
$JCP B/O setup https://t.co/Dsqg1qV3Ja via http://t.co/11Wpw9y7t1
Bull Logic
2 Sep 15 05:50:54
$JCP pm over yesterdays hod :-) eow $11
Zero Filter
2 Sep 15 05:41:03
With plenty liq $ARO shorts need be mentally & physically prepared more #InsiderBuying tape-bombs once 10Q filed $XRT $JCP #SycamorePartners
SpideyTrader
2 Sep 15 05:29:21
WATCHING CLOSELY: $SPY, $QQQ, $SQQQ, $XLE, $XLF, $AAPL, $MSFT, $CHK, $HAL, $JCP
Sandman
2 Sep 15 05:22:10
ideas for Sept, 2nd http://t.co/PJYpInHjvT noting $JCP prmrkt
InvestorPlace
2 Sep 15 05:18:11
10 of Wall Street’s Most Hated Stocks $SIRI $JCP $RIG $VALE $CHK ... http://t.co/UfsnrrO6TW
suriNotes
2 Sep 15 03:44:03
Stock ranks with 3 or above: $JCP $FB, $GOOG $NKE $RDY $UA $V $BWLD $CMG $CREE $LULU $UBNT http://t.co/zRc2i1A815
12Stocks.com
2 Sep 15 03:03:09
Weekly MidCap #Stocks Trend $JCP $SLH $GES $ACXM $POST $BIG $WCG $TECD $LANC $CYT $EXP $IM $NVR $SFG $DRQ @ http://t.co/H27z0IZ4hK
12Stocks.com
2 Sep 15 03:02:52
Weekly MidCap #Stocks Performance $WPX $SUNE $SM $DRQ $HLX $NBR $JCP $ANF $PTEN $RDC $BIG $QEP $KN $NE more@ http://t.co/H27z0IZ4hK
Julie Urlaub
2 Sep 15 01:55:36
RT @BPGAG: Is it any wonder that $JCP is now out-performing in this terrible tape?Of course; why it's happening. @WallStJesus kept noting #…
Brindle Waye
2 Sep 15 01:55:28
RT @BPGAG: Is it any wonder that $JCP is now out-performing in this terrible tape?Of course; why it's happening. @WallStJesus kept noting #…
Analyst Actions
1 Sep 15 23:50:02
$JCP: Bullish analyst action by Deutsche Bank on JC Penney Co: http://t.co/0kF7hp2ggs http://t.co/h8OUi8rtx8
★Beauty Bubble★
1 Sep 15 22:29:02
TRADERS. I was humored by the $JCP move after my rather pointed argument about, "being you [on social media]." http://t.co/lAAe1rGLnV
Benjamin Fridman
1 Sep 15 21:35:30
I'm checking out $JCP http://t.co/VksJo5OMzc
Alpha Maven Alerts
1 Sep 15 19:35:03
$JCP active, relative volume: 13.9, 1H, 10:00 AM, #nyse
Alpha Maven Alerts
1 Sep 15 19:10:14
$JCP active, relative volume: 10.67, 1H, 9:00 AM, #nyse
				
				
By  +Follow October 15, 2013 2:00PM
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