CLOSING UPDATE: Government Shutdown Starts to Pressure Wall Street


Stock prices continued to deteriorate again today as the stalemate in Washington coupled with bearish employment data depressed investors' demand for U.S. equities. Although stocks made an anemic rebound later in the day amid reports that President Obama had invited Congressional party leaders to the White House as well as dovish comments from Boston Fed President Eric Rosengren, all three indices still ended the day in negative territory.

Besides the negative impact on GDP, the shutdown has investors worried that the stalemate in Congress will likely prevent a resolution to the impending debt ceiling, ultimately leading to a downgrade to the U.S. credit rating. But despite the negative implications this would have on the US bond market, Treasuries continued to strengthen, driving the 10 year yield to 2.59%.

Today's sole economic data reverberated throughout the day with ADP private payrolls rising a less than expected 166,000 in September from a downwardly revised 159,000 in August.

Here's where the markets stand at the close:


Dow Jones Industrial Index was down 58.56 (-0.39%) to 15,133.14

S&P 500 was down 1.13 (-0.07%) to 1,693.87

Nasdaq Composite Index was down 2.96 (-0.08%) to 3,815.02


FTSE 100 was down 0.35%

Nikkei 225 was down 2.17%

Hang Seng Index was down 0.55%

Shanghai China Composite Index closed


OSIR, Upgraded to Overweight by Piper Jaffray, maintains $21 price target

DCTH, FDA granted the company orphan drug designation for melphalan in the treatment of patients with hepatocellular carcinoma (HCC, or primary liver cancer)

ZGNX, FDA informed the company that an action letter on its new-drug application for Zohydro ER could come after a "short" additional delay.


TSLA, RW Baird downgraded coupled with YouTube video showing a Model S on fire weighed on the auto-makers stock

STEM, Stem Cells priced a public offering of 11.17 million units at $1.45 per unit

TISI, Reported Q1 EPS of $0.23, sharply below the analyst consensus of $0.36 per share on Capital IQ.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

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