A mid-afternoon rally fueled by speculation Senate Democrats
were working on a measure that would increase the government's
borrowing authority prior to an Oct. 17 deadline faded, with shares
finishing back near their session lows. All 10 sectors in the
S&P 500 finished lower, led by declines for shares of consumer
discretionary and financial stocks. Mining and materials stocks
also slid hard despite a moderate rally for gold and silver
Washington continued to be the catalyst for additional losses in
the global equity markets as investors keep a wary eye on a Oct. 17
deadline for Congress to authorize additional borrowing over its
existing debt limit. Treasury Secretary Jack Lew toured the Sunday
interview shows Sunday, repeating his warning Congress is "playing
with fire" by opposing an increase to the debt ceiling above its
current $16.7 trillion threshold. "I'm telling you that on the
17th, we run out of our ability to borrow," he said on CNN.
Senate Democrats this afternoon reportedly were working on
debt-ceiling legislation with no other terms tied to its passage.
The bill, according to reports, would allow the federal government
to automatically borrow more money as it reaches certain limits
unless a two-thirds majority of both houses vote against it.
The partial government shutdown, now in its seventh day, kept a
lid on most economic reports with only the Gallup U.S. Consumer
Spending Measure available today as a measure of economic activity.
The self-reported reading of American's spending habits slipped
from a five-year high of $95 per person in August to $84 in
September - the lowest monthly figure since February.
Crude oil for November delivery settled 81 cents lower at
$103.03 per barrel while November natural gas jumped 12 cents
higher to $3.63 per 1 million BTU. December gold added $15.20 per
ounce while December silver rose 63 cents to $22.36 per ounce.
December copper was unchanged at $3.29 per pound.
Here's where the markets stood at end-of-day:
Dow Jones Industrial Average down 136.34 (-0.90%) to
S&P 500 down 14.38 (-0.85%) to 1,676.12
Nasdaq Composite Index down 37.38 (-0.98%) to 3,770.38
Hang Seng Index down 0.71%
Shanghai China Composite Index up 0.68%
FTSE 100 Index down 0.26%
(+) APRI, The biopharmaceutical company has wins national phase
approval in Germany for its Vitaros cream to treat erectile
dysfunction, opening access to Europe's biggest market.
(+) LTBR, Nuclear-power company selected to be technical adviser
for new plants to be built and operated by Korea Hydro and Nuclear
Power Co. in South Korea
(+) CTIC, Reaches deal with FDA for a Special Protocol
Assessment for Phase III testing of its pacritinib drug candidate
in patients with myelofibrosis.
(-) ATOS, Voluntarily recalls its ForeCYTE Breast Health Test
and the Mammary Aspiration Specimen Cytology Test to "address
concerns raised by the FDA."
(-) ACFN, Said Q3, FY13 and FY14 EPS will be "materially" below
(-) CTB, Apollo Tyres moves to cut its acquisition costs for the
rival tire-maker for the deal's current $2.5 billion.
Copyright (C) 2013 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.