Tuesday Closing Bell: Federal Shutdown Brings Out More Sellers
October 8, 2013: U.S. markets opened virtually flat Tuesday morning but that quickly switched to another sell-off. The lack of a solution to the federal government shutdown and the approaching federal debt limit continue to dominate traders’ thinking. A report from Gallup showed economic confidence took its second-largest fall since 2008 last week.
Asian markets closed mixed today, while European and Latin American markets closed lower.
Wednesday’s calendar includes a speech by Chicago Fed President Charles Evans and the following scheduled data releases and events (all times Eastern):
7:00 a.m. - Mortgage Bankers Association purchase applications
10:00 a.m. - Wholesale trade (not expected to be released due to government shutdown)
10:30 a.m. - EIA weekly petroleum status report
1:00 p.m. - 10-year note auction
2:00 p.m. - FOMC minutes released
Here are the closing bell levels for Tuesday:
ALSO READ: The Cars Americans Do Not Want to Buy
S&P500 1,655.45 (-20.67; -1.23%)
DJIA 14,776.53 (-159.71; -1.07%)
NASDAQ 3,694.83 (-75.54; -2.00%)
10YR TNOTE 2.64% (-0.09375)
Gold $1,324.60 (-0.50; flat)
WTI Crude oil $103.49 (+0.46; +0.5%)
Euro/Dollar: 1.3573 (-0.0009; -0.07%)
There were no earnings of note on Tuesday. Quarterly earnings results begin in earnest after markets close Tuesday with reports from Alcoa Inc. (AA) and Yum! Brands Inc. (YUM).
Stocks on the Move: J.C. Penney Co. Inc. (JCP) is up 0.8% at $7.77 after releasing weak but not terrible September sales figures and seeing the stock rise as high as $8.25 before saner minds took over. EnteroMedics Inc. (ETRM) is up 8.6% at $1.27 on a doubling of its price target at one analyst firm. Tower Group International Ltd. (TWGP) is down 40.8% at $4.39 after announcing the company would hike its reserves. Jamba In. (JMBA) is down 18.8% at $10.94 after issuing weak guidance.
In all, 42 NYSE stocks put up new 52-week highs today, while 52 stocks posted new lows.
Related Articles
