logo  
Sign in or Register

Already a member?

Sign in

Or sign in with your account on:

Not a member yet?

Register
    

Wall Street Struggles as Debt Compromise Disappears

By  +Follow October 15, 2013 2:00PM
Share:
Tickers Mentioned:

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.


Signup for our daily newsletter and get our best articles emailed right to you!

Results for jcp
#HelpYouGetGAINS
5 Mar 15 11:04:54
#Stocks to watch from The Value Line Investment Survey: $WTW $JCP $HLF $OLED $TUMI $CLNE $MNST $ROST $GPS $DGI $ARUN http://t.co/XdEtbJD9eQ
Stock Rocket
5 Mar 15 10:47:57
We Just Released $STOA mid-day at .0011 as today's new pick! Check It Out: http://t.co/Ep8E49FeyA $JCP $AQUM $WSGI
Stock Signaling
5 Mar 15 10:31:02
Top Upgrades: $AEO $LL $MCD $C $AA $TSL $NFLX $AMAG $BBY $ECOL $AMBA $PTX $JCP $NXPI $EIX http://t.co/DEd0xkdNq4 #trader #swingtrading #nyse
BlockTradeAlert
5 Mar 15 10:06:17
BLOCK TRADE: $JCP 250,000 shares @ $7.82 [13:06:17]
Stock Signaling
5 Mar 15 10:01:03
25 Stocks To Watch: http://t.co/DEd0xkdNq4 : $TSL $AEO $C $GLNG $MCD $AMBA $NFLX $BRCM $JCP $AMAG $GDOT $ECOL $EIX $NRF $EXC #daytrader #spy
Clayton Gilman
5 Mar 15 09:34:54
$JCP back in 7.71 LOD
Roberee
5 Mar 15 09:15:05
$JCP the half-updated store look has to be "updated" ...
SmallCaps
5 Mar 15 09:07:19
Tip #4 How to identify a HOT SECTOR? http://t.co/ewe2BDWPGF $UGAZ $JCP $PBYI $UNG $DGLY
Itai Cohen
5 Mar 15 09:07:16
Retail Results Lift Consumer Discretionary Earnings To 10.7% http://t.co/NoHf1jqCI3 $AEO $ANF $ARO $HD $JCP $LOW $M $TGT $WMT
Cedric Invest
5 Mar 15 09:07:11
Retail Results Lift Consumer Discretionary Earnings To 10.7% http://t.co/R55MXz2WMA $AEO $ANF $ARO $HD $JCP $LOW $M $TGT $WMT
Briton Ryle
5 Mar 15 08:51:25
.@LaMonicaBuzz I think $jcp would be a better target
leahanne
5 Mar 15 08:36:24
Volume Alert - JCP 7.82 J.C. Penney Company Inc $JCP Hit a high today of 7.98 Closing the day 10:30 at 7.82 -0 http://t.co/5eAjWP5DVP
leahanne
5 Mar 15 08:36:03
$JCP Volume Alert - JCP Stock 7.82 J.C. Penney Company Inc $JCP Hit a high today of 7.98 Closing the day 10:30 at 7 http://t.co/y765aKpnd3
lord of trading
5 Mar 15 08:30:56
NEW VIDEO: What You Need To #DayTrade http://t.co/syXazBxv1v #Drake $USDJPY $EURUSD $EURJPY $STUDY $JCP $GOOGL $HLF
Fund4People
5 Mar 15 08:28:37
If you are trading these guys, watch out for aggressive algos/HFTs : $JCP, $AMD, $GNW
M F M
5 Mar 15 08:18:53
$JCP options action way off, nothing outside of $10; market looks like its willing to let this fall back down to $5, 6, or 7 ?
M F M
5 Mar 15 08:16:22
$JCP Any comments on today's action, need a re-direct!
M F M
5 Mar 15 07:56:50
$JCP how nervous are shorts? JCP goes upward, they're quick to stomp it out, they know when it runs, it runs and the game will be over.$11
DailyStockPicks
5 Mar 15 07:51:28
Spectra7 news: incredible new chip out, up over 20% so far $SEV.V $SPVNF tgt $2+ $LEN $JCP $CB investors read http://t.co/gvpSLFasr3
Trader News Daily
5 Mar 15 07:31:08
Wow http://t.co/PeRPkYu8Uk just posted last weeks results. +429%. Crazy. They offer a free trial too. $SD $JCP $FNMA $MCP $DRYS $ZNGA
ProTradersNews
5 Mar 15 07:26:02
$JCP $SRPT: Sizzling Stocks: J C Penney Company (NYSE:JCP) , Sarepta ...: http://t.co/4CFAQu5sW8
Jann Gobble
5 Mar 15 07:24:33
$JCP News: JCPenney Welcomes The Arrival Of Spring With New Brands And Must-Have Looks Of The Season http://t.co/faLEsEKq9G
Clayton Gilman
5 Mar 15 07:11:03
$JCP stopped out 7.78 -10 from swing 2 days ago
Smarter Analyst
5 Mar 15 07:07:36
Retail Results Lift Consumer Discretionary Earnings To 10.7% http://t.co/Y0HrxuuAwk $AEO $ANF $ARO $HD $JCP $LOW $M $TGT $WMT
InterCooler
5 Mar 15 06:47:54
J C Penney Company Raised to “Hold” at Vetr Inc. $JCP http://t.co/H3tDS5YQTw
Mark S Boone
5 Mar 15 06:46:59
$JCP Wild swings....smart shorts giving up and covering that behind. JMO. GLTA
Quantpost Service
5 Mar 15 06:32:31
$HD $LOW $WMT $TGT $JCP $ANF $AEO News: "Retail Results Lift Consumer…" http://t.co/pHCqwdYp35 Board view: https://t.co/3pSjlvkIwz
Seeking Alpha
5 Mar 15 06:32:27
Retail Results Lift Consumer Discretionary Earnings To 10.7% http://t.co/BUWeplyr7f $HD $LOW $WMT $TGT $M $JCP $ANF $AEO $ARO
Stock Signaling
5 Mar 15 05:31:03
Visual Stock Comparison Tool: http://t.co/DEd0xkdNq4 : $TSL $MCD $LL $PANW $AA $JCP $ECOL $JASO $NE $MDR $FSLR $AMPE $PTX $AMAG #investing
Stock Signaling
5 Mar 15 04:01:03
Upgrades: $LL $ECOL $TSL $MCD $C $NFLX $BBY $PTX $NXPI $BRCM $JCP $EIX $EXC $NE $AZO http://t.co/DEd0xkdNq4 #spy #nasdaq #swingtrading #mkt
ProTradersNews
5 Mar 15 02:26:04
$JCP: J C Penney Company Bonds Trading 0.8% Higher (JCP): http://t.co/067s1OxrRA
Capital Market Labs
5 Mar 15 01:31:38
$JCP Assets and Earnings Trends #CML http://t.co/Mn5E5tYPmg
Mark Trader
5 Mar 15 01:30:17
http://t.co/U0VrKn1h21 has the most reliable picks in the market. The move fast and never fail. $ARNA $BAC $JCP $PBR $TLM $MTG $F
Breaking News
5 Mar 15 01:26:05
$JCP: Analyst Rating Update on J.C. Penney Company, Inc. Holding ...: http://t.co/3HW0OUaIkn
Trader News Daily
5 Mar 15 01:22:11
Wow http://t.co/PeRPkYu8Uk just posted last weeks results. +429%. Crazy. They offer a free trial too. $SD $JCP $FNMA $MCP $DRYS $ZNGA
Stockaholics
5 Mar 15 00:29:42
400% Gains On Our Stock Picks & a MASSIVE New Pick Coming today! Check it out: http://t.co/IL8yCE0CRE $JCP $AQUM $WSGI
Capital Market Labs
5 Mar 15 00:27:22
$JCP Assets and Return on Assets Trends #CML http://t.co/gmdSGM1TJ8
Greg David
4 Mar 15 22:43:32
http://t.co/RMvVXnJDpv does trade alerts differently than anyone else. Its super cool. $OIBR $JCP $EAPH $BBEP $MNKD
SmallCaps
4 Mar 15 22:38:59
Tip #4 How to identify a HOT SECTOR? http://t.co/ewe2BDWPGF $UGAZ $JCP $PBYI $UNG $DGLY
Capital Market Labs
4 Mar 15 21:14:51
$JCP Assets and Stock Buy-backs Trends #CML http://t.co/rcP9aO3Uwq
#HelpYouGetGAINS
4 Mar 15 20:26:26
#Stocks to watch from The Value Line Investment Survey: $WTW $JCP $HLF $OLED $TUMI $CLNE $MNST $ROST $GPS $DGI $ARUN http://t.co/IV8Y6sigF4
Stock Signaling
4 Mar 15 19:31:03
25 Stocks To Watch: http://t.co/DEd0xkdNq4 : $TSL $LL $NXPI $PANW $AZO $C $AMAG $AXP $JCP $MDR $BBY $MCD $AA $ESNT $ECOL #dow #swingtrading
Breaking News Now
4 Mar 15 19:26:04
$JCP: J C Penney Company Bond Prices Rise 0.8% (JCP): http://t.co/4lYT35vuR2
InterCooler
4 Mar 15 19:21:32
J C Penney Company Bond Prices Rise 0.8% $JCP http://t.co/iKVhfw76GU
Jim
4 Mar 15 19:10:19
RT @StockSignaling: Upgrades: $TSL $MCD $LL $C $AA $NFLX $BRCM $BBY $AMAG $PTX $NXPI $JCP $ECOL $EIX $ESNT http://t.co/DEd0xjWcyw #swingtra…
Capital Market Labs
4 Mar 15 19:07:52
$JCP Revenue Trend #CML http://t.co/nboWS4Gnc0
Stock Signaling
4 Mar 15 19:01:03
Upgrades: $TSL $MCD $LL $C $AA $NFLX $BRCM $BBY $AMAG $PTX $NXPI $JCP $ECOL $EIX $ESNT http://t.co/DEd0xjWcyw #swingtrading #daytrader #dow
Stock Signaling
4 Mar 15 17:31:09
Movers and Shakers: Recently Upgraded: $NXPI $MDR $PANW $LL $ROVI $JCP $NFLX $TAP $C $MO $ALSN $AXP $DVN $GLNG $BBY http://t.co/DEd0xkdNq4
Yuppy
4 Mar 15 17:22:03
RT @StockSignaling: Volume Leaders: $ENDP $NXPI $HZNP $ANF $V $MNST $FSL $TNET $CAH $WWAV $JCP $OPK $AMBA $LNG $ARUN http://t.co/DEd0xkdNq4…
nasdaqfan
4 Mar 15 17:15:16
Stocks Trending Now: http://t.co/Hl6ZNuI4Hk $FXIT $FANG $EXPD $BASFY $JCP $NMY $LRESF $SZMK $DCNPF $AVIXD $CTU $DAIUF ~
				
				
By  +Follow October 15, 2013 2:00PM
Share:

Comments

 

blog comments powered by Disqus

About us

Equities.com is the most advanced interactive online social ecosystem for the financial industry, serving as a resource center and next-generation communication platform that connects self-directed investors with public issuers, market experts, and professional service providers and vendors. Registered members can leverage our exclusive proprietary research tools such as the Small-Cap Stars, which outperformed 90% of all small-cap mutual funds, and robust do-it-yourself E.V.A. research reports. The Equities.com Issuer Dashboard is the ideal tool to communicate and manage investor awareness campaigns to the investment community, as well as to access valuable resources to help your company grow.

Market Data powered by QuoteMedia.
Copyright © QuoteMedia. Data delayed 15 minutes unless otherwise indicated. Terms of Use.