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
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
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"
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.
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