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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.

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Results for jcp
Stock_Tracker
22 May 15 07:33:05
CNE.TO Crocs, Inc. Ex-Div Date Click Here -> http://t.co/2LkePkcahL Trending $CNE.TO $JCP $RENN $GFA #CNE.TO #stocks #share
Cabin Parker
22 May 15 07:27:55
$JCP Agreed OZ!!! https://t.co/t4VZdMnL94
Bringbackthebear
22 May 15 07:27:46
Maybe Janet is going to say she shops at $jcp ?
Anthony Allyn
22 May 15 07:24:13
I remain bullish $JCP http://t.co/4oPO8STPUK
OZ
22 May 15 07:22:16
$JCP is so hated but pushing higher..love it.. hope shorts burn in hell on this one...
OZ
22 May 15 07:19:32
$JCP sucks me back in... calls
Mark S Boone
22 May 15 07:19:31
$JCP Told ya. Now they you will get some coverage. Slight squeeze above 9. JMO GLTA
Alex
22 May 15 07:15:15
Closed $JCP. Hard earned dollar.
Abdou Bouanani
22 May 15 07:15:00
$JCP above 9, let's see if she holds. Strong! http://t.co/NFtyw25zks
Cabin Parker
22 May 15 07:14:10
$JCP BANG! https://t.co/t4VZdMnL94
Ani Anirudhan
22 May 15 07:13:37
$JCP expanding BB top http://t.co/a4aOYHMQaP
LouisLouie
22 May 15 07:13:07
$JCP $9 lets get $10
LouisLouie
22 May 15 07:12:01
RT @surinotes: $JCP in ABC BUllish Pattern, Targets: 9.3-9.6, 10+ http://t.co/8S2LwklHDB
Al Sabogal
22 May 15 07:11:54
$JCP $9 :)
suriNotes
22 May 15 07:11:00
$JCP in ABC BUllish Pattern, Targets: 9.3-9.6, 10+ http://t.co/8S2LwklHDB
nicholas
22 May 15 07:07:30
lookn4wins: XLY Intrexon Corp. Prev Close Click Here -> http://t.co/zPThbbgI8d Trending $XLY $UPRO $JCP $CELG #… http://t.co/Z2kvWG3C1I
lookn4wins
22 May 15 07:05:05
XLY Intrexon Corp. Prev Close Click Here -> http://t.co/Rx3TU8zinC Trending $XLY $UPRO $JCP $CELG #XLY #finance #stock
Sandra Matthews
22 May 15 07:04:32
RT @Recognia: J C Penney Company Inc (JCP on NYSE) forms bullish "Bottom Triangle" chart pattern $JCP http://t.co/jXJU8iifIk
Ben C. Banks
22 May 15 07:00:08
$JCP forming a pattern worth watching - consolidating at highs - BBs are also pinched
Breaking News Now
22 May 15 06:58:04
$JCP $MOCO: Today's Hot List: Citizens Financial Group, Inc. (NYSE:CFG), J C ...: http://t.co/9iKENoeiaI
Stock Forums
22 May 15 06:54:04
JCP Direxion Daily Junior Gold Miners Index Bear 3X Shares Day High Click Here -> http://t.co/uUjkkLHQjQ Trending $JCP $C $MNKD $JMEI…
Bosco
22 May 15 06:46:35
$JCP
Capital Market Labs
22 May 15 06:41:54
$KSS vs. $M vs. $SHLD vs. $JCP Compared Across 9 Critical Measures http://t.co/BnJzvwFhor http://t.co/n9ndqPGreo
Recognia
22 May 15 06:35:26
J C Penney Company Inc (JCP on NYSE) forms bullish "Bottom Triangle" chart pattern $JCP http://t.co/jXJU8iifIk
Mark S Boone
22 May 15 06:31:33
$JCP Dip it then rip it. 13K 9.00 calls need to be ITM. JMO GLTA
Lucky Jimmy
22 May 15 05:49:09
VNQI Vanguard Global ex-U.S. Real Estate ETF Quotes Click Here -> http://t.co/OFzNA2JkqT Trending $VNQI $JCP $VBK $ABC #VNQI…
IH NASDAQ OMX
22 May 15 05:44:09
SLIO Solo International, Inc. News Click Here -> http://t.co/PIV2St97c9 Trending $SLIO $BMY $HZNP $JCP #SLIO #stock #nasdaq
Investors Hangout
22 May 15 05:39:11
JCP JC Penney Co, Inc. Day High Click Here -> http://t.co/LDWVjsZKiH Trending $JCP $AMZN $GOOG $AMBS #JCP #stock #share
jim50
22 May 15 05:38:36
ISR IsoRay Inc. News Click Here -> http://t.co/kJb7KBiejT Trending $ISR $JCP $COP $BAC #ISR #share #stocks
Rosner Stocks
22 May 15 05:33:06
CAF Morgan Stanley A Share Fund Chart Click Here -> http://t.co/1XiYvIsOVn Trending $CAF $ACT $JCP $XLF #CAF #investing #finance
jim50
22 May 15 05:33:06
CLDN Celladon Corp. News Click Here -> http://t.co/Z64jrc0w4m Trending $CLDN $YOKU $RAD $JCP #CLDN #share #stockmarket
Stock_Tracker
22 May 15 05:32:07
AVEO AVEO Pharmaceuticals Inc. Prev Close Click Here -> http://t.co/r5Czf2Jj4r Trending $AVEO $PG $TXN $JCP #AVEO #stocks #share
Capital Market Labs
22 May 15 05:10:44
$BLKI.B vs. $DDS vs. $BURL vs. $JCP Compared Across 9 Critical Measures http://t.co/F30KGSVDWB http://t.co/su9X4b45Fi
StockenheimerSchmidt
22 May 15 00:00:28
Our Penny Stock Pick On $TLFX Gained 70% in the past week and a half! Big Things coming: http://t.co/uooe3E8vs2 $JCP $AQUM $WSGI
Penny Stockington
21 May 15 23:59:59
Our Penny Stock Alerts Gained Over 3100% In 6 months! Subscribe For Our Upcoming Picks: http://t.co/fuHL83Rwmg $JCP $AQUM $WSGI
Stock Dawgzz
21 May 15 23:56:52
$DRNK Has Become One Of The Fastest Moving Penny Stocks In The Past 2 weeks! Big News: http://t.co/vFCVfQa85k $JCP $AQUM $WSGI
Stock Rocket
21 May 15 23:53:30
Our Stock Alerts Gained Over 1300% In Less Than 3 Months! See Our New Picks: http://t.co/keLIhbtrUQ $JCP $AQUM $WSGI
Stockaholics
21 May 15 23:53:16
$DRNK Gained 600% In 11 Trading Days! Huge Update On This Monster: http://t.co/DsO93qtlQR $JCP $AQUM $WSGI
free4fx Manfred Mika
21 May 15 22:12:24
Ich habe ein @YouTube-Video von @kbesttrading positiv bewertet: http://t.co/nAjrcOBprU Stock watch list on $SFUN $JCP $CONN $AGO
Rosner Stocks
21 May 15 20:47:07
TNA Direxion Daily Small Cap Bull 3x Shares News Click Here -> http://t.co/ROp1JSQkPS Trending $TNA $JCP $LL $TSLA #TNA #nasdaq…
Penny Stockington
21 May 15 20:46:26
Our Penny Stock Alerts Gained Over 3100% In 6 months! Subscribe For Our Upcoming Picks: http://t.co/fuHL8497KQ $JCP $AQUM $WSGI
StockenheimerSchmidt
21 May 15 20:44:20
Our Penny Stock Pick On $TLFX Gained 70% in the past week and a half! Big Things coming: http://t.co/uooe3E8vs2 $JCP $AQUM $WSGI
Stock Dawgzz
21 May 15 20:43:34
$DRNK Has Become One Of The Fastest Moving Penny Stocks In The Past 2 weeks! Big News: http://t.co/vFCVfQa85k $JCP $AQUM $WSGI
Stock Rocket
21 May 15 20:40:45
Our Stock Alerts Gained Over 1300% In Less Than 3 Months! See Our New Picks: http://t.co/keLIhbbQwg $JCP $AQUM $WSGI
Rosner Stocks
21 May 15 20:39:06
JCP JC Penney Co, Inc. Chart Click Here -> http://t.co/NmtFcNdDDO Trending $JCP $NBS $LEXG $GMCR #JCP #invest #pennystocks
Stockaholics
21 May 15 20:37:58
$DRNK Gained 600% In 11 Trading Days! Huge Update On This Monster: http://t.co/DsO93qtlQR $JCP $AQUM $WSGI
PolgarStocks
21 May 15 20:37:43
GOLD Randgold Resources Ltd. News Click Here -> http://t.co/1d9NmVJ0GF Trending $GOLD $ICE $TLT $JCP #GOLD #stock #tradeideas
DennyT
21 May 15 20:31:10
AMBA Ambarella, Inc. Yield Click Here -> http://t.co/ZrgbmUmNLM Trending $AMBA $JCP $COW $TQQQ #AMBA #stock #invest
Investors Hangout
21 May 15 20:31:10
AAP Advance Auto Parts Inc. Investor Opinions Click Here -> http://t.co/UbAgYhy6JM Trending $AAP $SCTY $JCP $SWKS #AAP #nasdaq #share
KbestTrading
21 May 15 20:16:51
$JCP keeping it on the swing trade watch list, its been moving the way we expected,took prior resistance 8.98 out… https://t.co/4FxuOvbb7O
				
				
By  +Follow October 15, 2013 2:00PM
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