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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
Trader News Daily
29 Jan 15 13:26:44
Wow http://t.co/PeRPkZkWiw just posted last weeks results. +429%. Crazy. They offer a free trial too. $SD $JCP $FNMA $MCP $DRYS $ZNGA
Lin/林莹君
29 Jan 15 12:52:33
$AMZN earning report after the bells, ±20$ E commercial peers, $BABA $VIPS $JCP
Mark Trader
29 Jan 15 12:22:49
http://t.co/U0VrKnAtyF has the most reliable picks in the market. The move fast and never fail. $ARNA $BAC $JCP $PBR $TLM $MTG $F
Mark S Boone
29 Jan 15 11:38:22
$JCP Ha! Told ya to buy that dip. Not my first rodeo. GLTA
StockNewsWires
29 Jan 15 11:36:03
$MCD $JCP $HD $TGT: McDonald's CEO exit erodes diversity among Fortune 500 execs: http://t.co/AbzQhpayWA
Stock Rocket
29 Jan 15 11:20:20
Our Picks Gained 117% In 3 Days And We Just Released A New Mid-Day Pick On $ETBI! Big News: http://t.co/Ita48Yhgrr $JCP $AQUM $WSGI
Syed Waqas Nabi
29 Jan 15 11:00:12
A bullish Wave the Flag (Bearish) has occurred at 12:45 PM Jan 29 at $7.30 on J C Penney Company Inc (JCP) $JCP
Greg David
29 Jan 15 10:44:18
http://t.co/m2LNLuLe8I does trade alerts differently than anyone else. Its super cool. $OIBR $JCP $EAPH $BBEP $MNKD
Clayton Gilman
29 Jan 15 10:23:04
$JCP out 7.35 +15
Trader News Daily
29 Jan 15 10:08:10
Wow http://t.co/PeRPkZkWiw just posted last weeks results. +429%. Crazy. They offer a free trial too. $SD $JCP $FNMA $MCP $DRYS $ZNGA
chartguy89
29 Jan 15 10:07:12
KATE Stock Chart $KATE $C $CAT $JCP http://t.co/n5TqTzoMhB http://t.co/l1S8aisjsi
iHangout
29 Jan 15 10:04:39
chartguy89: Stock Charts: SBUX Stock Chart $SBUX $KELYA $JCP $HYG http://t.co/xyoOv2vCfY
chartguy89
29 Jan 15 09:59:21
SBUX Stock Chart $SBUX $KELYA $JCP $HYG http://t.co/zzoBhHQBAb http://t.co/Lx6F5eg1uX
Investors Hangout
29 Jan 15 09:53:08
clayton: $JCP http://t.co/Wc4inmTIWa
Investors Hangout
29 Jan 15 09:53:08
clayton: $JCP http://t.co/dwBbXAe6bV
clayton
29 Jan 15 09:39:45
$JCP http://t.co/EUMh99cko4
Stock Signaling
29 Jan 15 09:31:03
Visual Stock Comparison Tool: http://t.co/S9oPUZ8PN3 : $TKMR $AKS $SNSS $YELP $NLNK $JCP $YHOO $JNS $LOCO $NFX $CRUS $AMBA #analyst #nasdaq
CushWakeLA
29 Jan 15 08:48:33
RT @Michael_MBA: Apple is a bigger bricks-and-mortar retailer than Penney and Gap http://t.co/4NTM9UgNQW $aapl $jcp $gps
BlackMarketExchange
29 Jan 15 08:39:04
$JCP Bounced off support around $7.14. Will it form a descending triangle to close the gap before earnings?
Cutlass
29 Jan 15 08:27:58
BLOCK TRADE: $JCP 300,000 shares @ $7.19 [11:16:33]
BlockTradeAlert
29 Jan 15 08:16:33
BLOCK TRADE: $JCP 300,000 shares @ $7.19 [11:16:33]
Jann Gobble
29 Jan 15 08:10:11
RT @MarkBoone17: $JCP Calm down and buy into the dip. Lord....you guys need to take your meds. It's end of the month, Yo! Gezz. Let it capi…
Jann Gobble
29 Jan 15 08:09:50
RT @MarkBoone17: $JCP Short drop of 4.2% The number dropped from 103,706,174 on Dec 31,2014 to 99,345,311 on Jan 15,2015. The final short i…
Chris Z
29 Jan 15 08:02:26
$JCP plan to watch for consolidation near this daily level at 7.14 for late afternoon break toward $7-680s
Chris Z
29 Jan 15 08:02:05
$JCP done with this. Out the rest at 7.12. Not a single green candle on the 15m chart so easy gains over.
PennyStockSuperstar
29 Jan 15 07:59:35
Check out our alert track record here... http://t.co/BdiZMRYWH1. Sign up is free. See you soon! $ODP $JCP $ACI $IAG $SD $AKS
Mark S Boone
29 Jan 15 07:50:15
$JCP Short drop of 4.2% The number dropped from 103,706,174 on Dec 31,2014 to 99,345,311 on Jan 15,2015. The final short interest is 33.1%.
Investors Hangout
29 Jan 15 07:49:43
Stock_Tracker: $JCP Company News Apple is a bigger http://t.co/Lv7MJa0jPf
Investors Hangout
29 Jan 15 07:49:41
Stock_Tracker: $JCP Company News Apple is a bigger http://t.co/eL4hWsDlNK
Clayton Gilman
29 Jan 15 07:49:23
$JCP stopped out 7.21 -10, back in 7.20
Stock Rocket
29 Jan 15 07:46:36
Thanks to the 5 pro traders at http://t.co/5jbX6mNKQv for an amazing week! My win rate was 80%. So sweet. $ANR $JCP $AU $HL
Chris Z
29 Jan 15 07:40:55
$JCP ultimate target on this today would like to see it hit $7, but may take $7.14 off daily low if it starts basing/grinding there
lookn4wins
29 Jan 15 07:40:32
$GS Current Price $GS Most recent stock chart and technical analysis. $GILD $JCP $IVV $ALGN $PAL $CSIQ http:// http://t.co/abJzgrNv0K
Stock_Tracker
29 Jan 15 07:40:03
$JCP Company News Apple is a bigger bricks-and-mortar retailer than Penney and Gap 4:51 p.m. Jan. 28, 2015 - A http://t.co/hIYa69qsiQ
Mark S Boone
29 Jan 15 07:31:15
$JCP Calm down and buy into the dip. Lord....you guys need to take your meds. It's end of the month, Yo! Gezz. Let it capitulate. JMO
Chris Z
29 Jan 15 07:26:06
$JCP no bounce at all. Awesome
Chris Z
29 Jan 15 07:16:33
$JCP covered a few more 7.28. Gonna let the remainder fade all day (hopefully, hehe)
Caesar
29 Jan 15 07:07:09
RT @laurenholmesNYC: $CANF Number #1 on Watchlist $AAPL $PKT $SONC $JDST $JCP $TWTR Get our thoughts here http://t.co/VrsGMCgPOC
David Bell
29 Jan 15 07:06:51
“@Michael_MBA: Apple is a bigger bricks-and-mortar retailer than Penney and Gap http://t.co/ck1qcfTG05 $aapl $jcp $gps” $4,600/SF for 2014!
lookn4wins
29 Jan 15 07:02:01
$SH 200 Simple Moving Average $SH Most recent stock chart and technical analysis. $JCP $GILD $DDD $AAPL $AAL $ http://t.co/NHdwL0Ygbz
Clayton Gilman
29 Jan 15 06:54:40
$JCP stopped out 7.43 -5, back in 7.32 on the bounce
Chris Z
29 Jan 15 06:51:11
$JCP covered 1/2 7.35
Mark S Boone
29 Jan 15 06:46:27
$JCP Hmmm.....interesting little game going on....let's see if it turns out the way I think. GLTA
Chris Z
29 Jan 15 06:43:21
$JCP perfect
Chris Z
29 Jan 15 06:35:15
$JCP started short 7.49
Stockaholics
29 Jan 15 06:05:32
Our Penny Stock Picks On $IJJP $TUNG & $QLTS Gained 117% In 3 Days! New Pick Coming: http://t.co/c7bXDM1sfp $JCP $AQUM $WSGI
ProTradersNews
29 Jan 15 01:41:03
$JCP: J C Penney Company Inc Analyst Rating Update: http://t.co/okVZGkcscM
ProTradersNews
29 Jan 15 01:01:04
$JCP: JC Penney Company Inc Short Interest Disclosure: http://t.co/p3g7pIkC0z
Stock Rocket
28 Jan 15 21:26:34
Our Penny Stock Picks On $IJJP $TUNG & $QLTS Gained 117% In 3 Days! New Pick Coming: http://t.co/zlcsLOoyXX $JCP $AQUM $WSGI
Petra Durnin
28 Jan 15 20:16:25
RT @Michael_MBA: Apple is a bigger bricks-and-mortar retailer than Penney and Gap http://t.co/4NTM9UgNQW $aapl $jcp $gps
				
				
By  +Follow October 15, 2013 2:00PM
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