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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
Chris Lau
27 Aug 14 13:29:29
Are these 3 retail stocks in trouble? | Kapitall: $SHLD $ARO $JCP | http://t.co/VUOoNlWHX4
Wall Street Monitor
27 Aug 14 13:28:22
$JCP: Stocks in the News: Pfizer Inc. (NYSE:PFE), J C Penney Company Inc (NYSE:JCP) http://t.co/cFSrR6HE51 http://t.co/kv4ZMS9kdD
Pablo Ricatti
27 Aug 14 13:02:22
$jcp j c penney sube casi 25% desde el 5 de agosto, Soros chocho pese a que todavia viene perdiendo en esa apuesta http://t.co/HqXfIJFsXe
12Stocks.com
27 Aug 14 13:01:07
MidCap #Stocks Trend $BBY $JCP $LVLT $TFM $WFM $DCI $DDD $VEEV $GT $NRG $PENN $SSYS $AMAT $CPN $AWI $HE $HUM @ http://t.co/tf79gD96D3
12Stocks.com
27 Aug 14 13:00:50
MidCap #Stocks Performance $BBY $SPLS $JCP $LVLT $HLF $TFM $WFM $TWTC $SHLD $DCI $PCYC $DDD $WPX $JOE more@ http://t.co/tf79gD96D3
El Matador Trader
27 Aug 14 12:59:46
$JCP closing at highs of day with strong volume. A lot of people playing catch up in this one
Aryeh
27 Aug 14 12:57:56
Seems like the $JCP bears lost their voices. Up another 4%
Mark S Boone
27 Aug 14 12:52:55
$JCP Closing near HOD. Incredible. This is going to get some attention from now on from the Big players. Can't be ignored anymore. JMO GLTA
Calup Snider
27 Aug 14 12:51:20
EOD: Still holding $JCP, mainly from 10.4s but some adds under 11.1. $YHOO mainly from 37.8, but adds at various spots under 38 & 38.1s
Parth Athavale
27 Aug 14 12:48:53
$JCP moving very quickly towards the $12 mark... !
Thomas Moore
27 Aug 14 12:39:42
My three long positions are doing well today, $jcp $bbry and $aro . $bbry has earnings in a few weeks, im hoping to see $13.00 after that.
Stock News Updates
27 Aug 14 12:28:36
$JCP: JP Morgan: J.C. Penney Stands At 'Pivotal Crossroads'; Now A Good Time To Buy Shares http://t.co/yfuHdm1hpt http://t.co/YSDbwYLahL
Kevin_Dixon
27 Aug 14 12:24:49
$JCP too from the $7 range on 2016 LEAPS
Sarcasm Bot
27 Aug 14 12:20:50
$JCP Soon Bill Ackman will be asking Goldman Slacks if he can have his shares back,,
The Termintrader
27 Aug 14 12:17:58
$JCP forgot chart http://t.co/PH41467vdn
biostock
27 Aug 14 12:15:44
$JCP Expecting it to hold well. $SPY $BAC Profit taking to start before labor day holiday.
The Termintrader
27 Aug 14 12:15:12
$JCP bouncing of previous resistance. looks like support now
Mark S Boone
27 Aug 14 12:13:39
$JCP Look at the options people. It's goin no where but up or sideways. The yearly says 14 retrace by Sept. Bumps sure, end game Big $. JMO
Amey
27 Aug 14 12:06:09
Getting a little too excited about $JCP - up 30% since I bought back in June. Might be time take some off the table.
PsychSignal
27 Aug 14 12:04:12
333.0% increased bullish conversations in $JCP in the past 1 hour.
Large Void Bot
27 Aug 14 12:00:33
Popular: $AAPL, $KITE, $PBR, $HSH, $FOLD, $JCP, $AMPH, $MNK, $GALT, $WYNN, $WDAY, $SNDK, $SD
Quantpost Service
27 Aug 14 11:58:39
$JCP News Alert: http://t.co/e0ARr9Wh2j Updated options view: https://t.co/fAdumUqtNn All options views: https://t.co/nRl8BLoEir
Seeking Alpha
27 Aug 14 11:58:38
Best Buy: Strong Buy On Sales Decline And Negative Comps, Target Price Unchanged At $35 http://t.co/OW3aYUYokc $JCP $BBY
Tom Grimes
27 Aug 14 11:56:48
$JCP continues to lose money, rallies 22% in a month.
Chris Kelly
27 Aug 14 11:54:36
$RSH on my watch list. Nice movement over last few days. Others: $JCP $SITO $AMD $CIHN $SING
Mark S Boone
27 Aug 14 11:53:14
$JCP Why do people think this is so sudden? It's been working into this for 11 months. This didn't happen overnight. Been warning for weeks.
Leni
27 Aug 14 11:51:40
$JCP +14.26%
Craig Scott
27 Aug 14 11:41:12
First time I have EVER heard this in my daughters 16 year lifetime. "Ya know dad, JCPenney's has some decent stuff" $jcp
biostock
27 Aug 14 11:40:49
$JCP Old shorts are covering and new shorts are getting clobbered. .Ka Ching
Vic Scherer
27 Aug 14 11:39:39
Is emotionally putting a stock in a list to be looked at daily a precursor to emotionally trading it? $JCP
gregn
27 Aug 14 11:32:48
If these $jcp calls from last year even recover slightly it'll be craziest thing I've ever witnessed http://t.co/WiAF6FbHnB
Stock Market News
27 Aug 14 11:28:30
$JCP: JC Penney 'Sets Up Well,' JPMorgan Says http://t.co/z62G5JFy9I http://t.co/8EkYx7sTAD
Sqwii
27 Aug 14 11:25:30
$JCP nice move soon into 15
biostock
27 Aug 14 11:22:52
$JCP Major short player has thrown the towel. Every dip is met with vigorous buy
Edward Lefevre
27 Aug 14 11:22:15
I will repeat this once again for those not listening. Buying $JCP now is like buying $AAPL when steve jobs came back in the 90's
Mark S Boone
27 Aug 14 11:21:41
$JCP Welcome to JCP's coming out party. Lot of new bullish faces I see. Happy to have you. Wish u had been in since the 5's like sum of us.
 Matt
27 Aug 14 11:16:37
RT @KoolerAid: $BBY $JCP $BBRY $SHLD Trash for Treasures short squeeze season is on you know what that means :)
Kooler Aid
27 Aug 14 11:16:20
$BBY $JCP $BBRY $SHLD Trash for Treasures short squeeze season is on you know what that means :)
Calup Snider
27 Aug 14 11:16:01
$JCP at new highs.
Dtrader7
27 Aug 14 11:15:26
$JCP 11.20 3%
Codi Smith
27 Aug 14 11:14:15
$jcp trimming @ low $11's in strength to add 2 $tmus, like her @ low $29's
Helmer
27 Aug 14 11:07:44
$JCP no real resistance until $12.13
Russell Devendorf
27 Aug 14 11:07:39
@TweetLeni agree on $JCP. Weekly chart looks great...$12+ http://t.co/alpH1zs9Wb
smtrader StockTrader
27 Aug 14 11:07:32
moving toward that 11.90 target for $JCP
smtrader StockTrader
27 Aug 14 11:06:21
whow! just took a glimpse at $JCP having another great day!
Media Sentiment
27 Aug 14 11:04:49
$JCP received a new alert. Find out why at http://t.co/5udYd0Ofs6 #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 311
Investors Hangout
27 Aug 14 11:03:43
DennyT: GMCR Summary $GMCR $MINE $JCP $GOOG $PANW Buy or http://t.co/y1mFQWnQAb
Investors Hangout
27 Aug 14 11:03:43
DennyT: GMCR Summary $GMCR $MINE $JCP $GOOG $PANW Buy or http://t.co/18LWzyX6ao
TV_Trading Ideas
27 Aug 14 11:01:37
updated chart $JCP http://t.co/dB1L17flA2
biostock
27 Aug 14 11:00:48
$JCP Ready to ascend vertical Short term target $11.83 break of $11.83 will propel to $12.13
				
				
By  +Follow October 15, 2013 2:00PM
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