Stocks enjoyed a relief rally Tuesday, posting moderate gains
after Congressional leaders and the White House were unable to
strike a budget deal before a midnight ET deadline last night,
forcing a partial shutdown of the federal government as spending
authority ended with the start of the new fiscal year. The three
major market indices were off their best levels at the close but
all ended in the black for only the third time over the past two
week. All 10 sectors in the S&P 500 were winner today as well,
led by technology and healthcare stocks.
Economic data today also lent strength to today's rally, with
U.S. manufacturing activity unexpectedly picking up last month. The
manufacturing purchasing managers' index increased to 56.2 in
September from a 55.7 reading in August, climbing to its highest
score since April 2011, according to data released Tuesday by the
Institute for Supply Management.
Readings above 50 indicate expanding activity. Economists
surveyed by Dow Jones Newswires were looking for a small slow-down
from the prior month to a 55.0 September reading.
Commodities were mixed. Crude oil for October delivery settled
29 cents lower at $102.04 per barrel while November natural gas was
up 5 cents to $3.61 per 1 million BTU. Gold tumbled $40.50 to
$1,286 per ounce while December silver fekk 53 cents to settle at
$21.18 per ounce. December copper slid a nickel to $3.27 per
Here's where the markets stood at end-of-day:
Dow Jones Industrial Average up 62.42 (+0.41%) to 15,192.09
S&P 500 up 13.47 (+0.80%) to 1,695.02
Nasdaq Composite Index up 46.50 (+1.23%) to 3,817.98
Hang Seng Index down 1.50%
Shanghai China Composite Index up 0.68%
FTSE 100 Index down 0.03%
(+) LXRX, Said its LX4211 drug candidate intended to treat
patients with type 2 diabetes and severe kidney impairment met its
primary endpoints in proof-of-concept study.
(+) QIWI, Individual shareholders disclose plans to sell 8.2
million American Depository Shares of the Chinese lender at $30.50
(+) EDG, Oil and gas firm agrees to a cash buyout offer of
$12.00 per share from Sumitomo Corp.
(-) DMND, Expects significant headwinds for Q1 due to costs
associated with the Emerald re-launch and reduced walnut supplies.
Q4 sales decline 11% from year-ago levels.
(-) ABX, Gold mining stocks fall in tandem with $40 drop in the
price of gold under $1,300 per ounce as flight-to-safety bid
evaporates after partial government shut-down.
(-) HDY, Discloses Department of Justice subpoenda requesting
documents linked to the oil and gas company's effort to secure a
production-sharing contract in offshore Guinea and possible
violations of anti-bribery and money-laundering statutes.
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