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Wall Street Struggles as Debt Compromise Disappears

By  +Follow October 15, 2013 2:00PM
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.

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Results for jcp
27 Apr 15 09:46:40
sold starter in $JCP #defense #scratch
27 Apr 15 09:25:41
$JCP Earnings May 13 after the close.
27 Apr 15 09:24:48
$JCP 3 hours into trading day, just broke 2m shares traded. Low, low volume, consolidation?
IH News Desk
27 Apr 15 09:09:34
$INBK stock Current Price Click Here: http://t.co/oN6iA7rLmm Also See: $JCP $PHM $TTI $SLB #stockmarket #tradeideas ~
Clair Voight
27 Apr 15 09:01:23
$JCP 3 Reasons JC Penney Company Inc Stock Could Fall http://t.co/Qs1MrTUMRk
27 Apr 15 08:19:36
$JCP Low's have not dipped below previous lows, long set of stairs but turnarounds take time. still see $11 with Q! Earnings.
27 Apr 15 08:18:38
$JCP Another low volume day, a slight uptick for a change. If we can get out of April, May should set the stage for the next POP !
27 Apr 15 07:58:53
Tip #4 How to identify a HOT SECTOR? http://t.co/ewe2BEer5f $UGAZ $JCP $PBYI $UNG $DGLY
Jann Gobble
27 Apr 15 07:40:49
$JCP News: Sephora inside JCPenney opens Friday with giveaways at Valley View Mall http://t.co/gXifKVw0gz
27 Apr 15 07:31:45
$JCP stock Change Click Here: http://t.co/c6sAZaZnJE Also See: $MTVX $ACHN $MMM $DATE #stockmarket #tradeideas ~
Mark S Boone
27 Apr 15 07:02:47
$JCP If this pig can give me a dime today, I will sell at close and buy back before ER. Just turn her loose for a day, please!
Mark S Boone
27 Apr 15 06:36:08
$JCP 9 out of 10 days down. Even in Vegas he odds of this going up is good. LOL
Lio Trep
27 Apr 15 06:35:42
Most shorted NYSE stocks in early April: $T, $VALE, $CHK, $PBR, $RIG, $PFE, $JCP, $GE, $VZ, $AVP http://t.co/C7UtFTeD2j
Teddy Vallee
27 Apr 15 05:31:16
RT @jcpnews: JCPenney app for Apple Watch now available http://t.co/C4Vj6LMe2s $JCP #applewatch http://t.co/YMsnwXBkxq
Mark S Boone
27 Apr 15 05:22:14
$JCP Support 8.32. R1 8.56 R2 8.71. 32% Short Interest. JMO GLTA
27 Apr 15 04:14:42
DollarsOnPennies: $JCP Gallery View http://t.co/UzOGvllMtR
Jet Life PennyStock$
27 Apr 15 04:14:06
DollarsOnPennies: $JCP Gallery View http://t.co/u4HJ9dyPWN
Smarter Analyst
27 Apr 15 04:14:05
High-Conviction Stock Picks Held By The Masters of the Universe http://t.co/HuhPCLwJmz $AAPL $GM $IBM $JCP $HLF $ARCP $BAC $C $BRK.A $IEP
27 Apr 15 03:30:37
http://t.co/5wRLSJ8Cho <<-- SuperTrades could buy a freakin house with this recent win!! $MBLY $AAPL $JCP $TASR $GOOG
27 Apr 15 03:20:06
$JCP $ATML: Investors Are Watching: J C Penney Company Inc (NYSE:JCP ...: http://t.co/1EcC2Vm94U
27 Apr 15 02:19:03
[Review] Tandem Trader is the only trading dvd you need http://t.co/LIVn0MgJVz $DYAX $THCZ $JCP #stocks #trading $TRIL
27 Apr 15 00:30:25
http://t.co/5wRLSJ8Cho <<-- SuperTrades gives many >50% on your money alerts! $UWTI $JCP $EYES $HLF $CLNE $SPLK
26 Apr 15 23:39:05
Tip #4 How to identify a HOT SECTOR? http://t.co/ewe2BDWPGF $UGAZ $JCP $PBYI $UNG $DGLY
26 Apr 15 23:14:37
http://t.co/5wRLSJ8Cho <<-- SuperTrades could buy a freakin house with this recent win!! $MBLY $AAPL $JCP $TASR $GOOG
26 Apr 15 19:52:07
RT @8JMS: $APPY $JCP $NSPR $CDTI http://t.co/DoGzRoYVWX
26 Apr 15 12:41:50
$APPY $JCP $NSPR $CDTI http://t.co/DoGzRoYVWX
26 Apr 15 09:38:29
JCP -0.83% Stock Charts $JCP J.C. Penney Co. Inc. (NYSE) Last Updated: 04/26/2015 11:38:29 JCP Stock Chart - 1 http://t.co/4RZdgBuAat
WallStreet Pennies
26 Apr 15 04:27:37
DollarsOnPennies: $JCP Gallery View http://t.co/2cSKPGS3cL
James DiPlata
26 Apr 15 02:19:55
RT @StocksRuss: http://t.co/5wRLSJ8Cho <<-- SuperTrades could buy a freakin house with this recent win!! $MBLY $AAPL $JCP $TASR $GOOG
26 Apr 15 01:33:09
http://t.co/5wRLSJ8Cho <<-- SuperTrades could buy a freakin house with this recent win!! $MBLY $AAPL $JCP $TASR $GOOG
25 Apr 15 23:04:04
[Review] Tandem Trader is the only trading dvd you need http://t.co/LIVn0MgJVz $DYAX $THCZ $JCP #stocks #trading $TRIL
PennyStock Zone
25 Apr 15 22:36:46
Tip #4 How to identify a HOT SECTOR? http://t.co/WvpU6esv0n $UGAZ $JCP $PBYI $UNG $DGLY
TV_Trading Ideas
25 Apr 15 13:29:44
JCP $JCP http://t.co/5QOdsuwa9E
Ani Anirudhan
25 Apr 15 12:54:02
$JCP http://t.co/QxCcbjzitd
25 Apr 15 10:24:29
RT @philwahba: Saks ex-CEO and $JCP director Steve Sadove says #omnichannel capability coming into reach of small retailers not just biggie…
Investors Hangout
25 Apr 15 09:53:40
$EBR.B stock Stock Message Board Click Here: http://t.co/zhEZFTe3bc Also See: $JCP $OCN $LUV $BSAC #stockmarket #tradeideas ~
25 Apr 15 09:45:12
$IMN stock Change Click Here: http://t.co/zy2LCTTkCK Also See: $JCP $CECE $SID $MTX #stockmarket #tradeideas ~
Investors Hangout
25 Apr 15 09:39:34
$NBS stock Day Low Click Here: http://t.co/pKefm3KzNd Also See: $IPG $JCP $AMD $OCN #stockmarket #tradeideas ~
Chasing Stars
25 Apr 15 09:29:54
$REED stock P/E Ratio Click Here: http://t.co/b1qQ7hG7iZ Also See: $SFBS $JCP $RAIL $SNDK #stockmarket #tradeideas ~
PennyStock Zone
25 Apr 15 09:27:42
Tip #4 How to identify a HOT SECTOR? http://t.co/WvpU6esv0n $UGAZ $JCP $PBYI $UNG $DGLY
Investors Hangout
25 Apr 15 09:26:38
$SUM stock Volume Click Here: http://t.co/KwitLB6PN4 Also See: $ORCL $ISIS $LYB $JCP #stockmarket #tradeideas ~
25 Apr 15 08:30:34
http://t.co/5wRLSJ8Cho <<-- SuperTrades could buy a freakin house with this recent win!! $MBLY $AAPL $JCP $TASR $GOOG
Invest | Donate
25 Apr 15 08:27:34
@IHPosts2: $ITCI stock % Change Click Here: http://t.co/Fzv8uQiWtK Also See: $JCP $BIOC $ACT $PRLB #stockmarket #invest #stocks #tradeide…
Investors Hangout
25 Apr 15 07:59:14
$ITCI stock % Change Click Here: http://t.co/RS03FcZkGB Also See: $JCP $BIOC $ACT $PRLB #stockmarket #invest #stocks #tradeideas ~
Sleek Money
25 Apr 15 07:05:36
Brokerages Set J C Penney Company Price Target at $7.33 $JCP http://t.co/3xgZtzGOYe
Stock Rocket
25 Apr 15 04:36:32
Our Stock Pick On $THCZ Is Up 481.54% From Our Initial Release! Major News: http://t.co/bLXWVUeOrx $JCP $AQUM $WSGI
25 Apr 15 04:20:02
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25 Apr 15 00:30:08
Stocks Trending Now: http://t.co/3o3t4rZTAS $KB $NVS $Z $ASPS $NVDA $ALK $BCEI $CAJ $SCMP $GSH $JCP $SKM ~
24 Apr 15 23:14:44
Stocks Trending Now: http://t.co/3o3t4rZTAS $LGIH $NJ $TPUB $EMJI $CAMT $JCP $TRIL $INFY $RWC $BBY $NJ $KRFT ~
24 Apr 15 22:28:37
We Have An Absolutely MASSIVE New Stock Pick Out! Get Early Access: http://t.co/P9qXvMc7W2 $JCP $AQUM $WSGI
By  +Follow October 15, 2013 2:00PM



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