Closing Update: Stocks Finish Downside Week With Congress Seemingly No Closer to Avoiding Shutdown

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Stocks ended lower Friday, finishing their first losing week since August as Congress appears set to take its latest round of budget disputes down to the wire. Worries about a possible federal government shut-down undermining the national economy weighed on investor attitudes throughout the week, although traders appear still unsure just how severe an impact a shutdown could take on growth. Economic data was mixed today, with comments from Federal Reserve Gov. Jeremy Stein helping soothe fears of an imminent tapering by the central bank.

Consumer spending and personal income rose by an as-expected 0.3% and 0.4%, respectively, during August following a revised 0.2% increase for both in July. But the Reuters/University of Michigan index of consumer sentiment generated more attention today after the index fell to a 5-month low of 77.5 in September from a 82.1 reading in August.

Commodities were mixed. Crude oil for November delivery settled 16 cents lower to $102.87 per barrel while November natural gas added 2 cents to finish at $3.59 per 1 million BTU. December gold rose $14.40 to $1,340.50 per ounce while December silver added 6 cents, finishing at $21.81 per ounce. Copper settled 2 cents higher at $3.33 per pound.


Here's where the markets stood at end-of-day:

Dow Jones Industrial Average down 70.06 (-0.46%) to 15,258.24

S&P 500 down 6.92 (-0.41%) to 1,691.75

Nasdaq Composite Index down 5.84 (-0.15%) to 3,781.59

GLOBAL SENTIMENT

Hang Seng Index up 0.35%

Shanghai China Composite Index up 0.20%

FTSE 100 Index down 0.81%

UPSIDE MOVERS:

(+) CGIX, Aegis Capital begins coverage of the early-stage diagnostics company with a Buy rating and a $25 price target.

(+) SPPR, REIT withdraws proposed public offering of 16.7 million shares of its common stock, citing market condition and its pricing expectations.

(+) AEHR Narrows Q1 net loss to $0.02 per share, a penny better than the year-ago quarter.

DOWNSIDE MOVERS

(-) LL, Federal authorities on Thursday execute a search warrant at the company headquarters in Virginia in a probe of possible violations of import rules for wood flooring.

(-) NKTR, Phase II efficacy study of its NKTR-181 drug candidate in patients with chronic knee pain from osteoarthritis did not meet its primary endpoints.

(-) VNEM, Flash storage company gets cold reception in first day as a public company, opening trade at &.50 a share after pricing its IPO of 18 million shares at $9 apiece - the mid-point of the stock's $8 to $10 prospective range.



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 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.



This article appears in: Investing , Commodities

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