Stocks finished off their worst levels of the session but
continued their descent Thursday as the partial government shutdown
moved into its third day. The Labor Department said first-time
jobless claims edged slightly higher last week but still remain at
pre-recession levels. Far more dire was a warning by Treasury
Secretary Jack Lew that a default on U.S. debt could plunge the
global economy into a recession worse than the 2008 financial
All 10 sectors in the S&P 500 finished in the red, led by
declines for shares of utility and industrial companies. The Dow
Industrial fell over 100, again falling under its 15,000 mark,
while the S&P 500 is trading breached its 50-day moving average
enroute to a 0.7% decline.
With Friday's report on non-farm payrolls on hold because the
government shutdown, the Labor Department's report on initial
jobless claims for the week ended Sept. 28 took on more prominence
than usual. Claims rose to a smaller-than-expected 308,000
first-time claims on a seasonally adjusted basis, below the market
consensus expecting a rise to 313,000 applications. The prior
week's claims also were revised higher to 307,000.
Also out today was the Institute of Supply Managers
non-manufacturing index for September, which fell to a 54.4 reading
from a nearly eight-year high of 58.6 in August. The pace of hiring
in the service-sector index may be cooling, however, with the
employment sub-index slipping to a four-month low of 52.7 last
A mid-afternoon shooting incident outside the U.S. Capitol
building attracted plenty of media attention but had little impact
on share prices.
Crude oil for November delivery settled 79 cents lower at
$103.29 while November natural gas fell 4 cents to $3.50 per 1
million BTU. December gold was down $3.60 to $1,317.10 an ounce
while December silver fell 15 cents to $21.77 per ounce. December
copper settled 5 cents lower at $3.27 per pound.
Here's where the markets stood at end-of-day:
Dow Jones Industrial Average down 136.66 (-0.90%) to
S&P 500 down 15.21 (-0.90%) to 1,678.66
Nasdaq Composite Index down 40.68 (-1.07%) to 3,774.34
Hang Seng Index up 1.00%
Shanghai China Composite up 0.68%
FTSE 100 Index up 0.18%
(-) OMER, Identifies six new class A orphan G protein-coupled
receptors that have been linked to neurologic disorders,
cardiovascular disease and oncology, paving the way for developing
drugs targeting those receptors.
(-) GALE, Begins U.S. launch of its Abstral sublingual tablets
to treat pain in patients with cancer and are tolerant to opioid
(-) CAMP, Northland Capital raises its price target by $6 to $25
a share while maintaining an Outperform rating for the stock.
(-) TXI, Reports Q1 net income of $.01 per share on $233.1
million in net sales. Analysts were expecting EPS of $0.02 on $236
million in sales.
(-) CEVA Said it expects to report Q3 revenue of around $10
million, below its prior guidance forecasting $11.5 million to
$12.5 million in quarter revenue. The Street is at $12.1
(-) ZLCS, Completes 1-for-6 reverse stock split, effective at
12:01 a.m. ET this morning.
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