Stocks closed lower Tuesday, finishing near their lows for the
session and snapping a four-day winning streak as Congress
continues to wrangle over terms to extend the nation's borrowing
authority and end the partial government shutdown. House
Republicans reportedly are planning a vote later tonight on a
proposal, although it is far from certain the measure has
sufficient support to win passage. Senate leadership also has been
working on compromise legislation, although that measure apparently
has been on hold until a House deal emerges.
A fresh slate of financial results helped provide a much-needed
distraction to the fiscal discord in Washington. Citigroup (
) ended lower today after posting earnings and revenue lagging both
year-ago comparisons and analyst projections. Johnson & Johnson
) close slightly higher after beating consensus opinion with its
latest EPS and sales. The healthcare conglomerate also increased
its FY13 guidance.
Economic data today included the Empire State Manufacturing
Survey, which fell to a 1.52 reading in October, down from a 6.29
score during the prior month and trailing Wall Street expectations
for a small rise to 7.0. Also today, sales for larger retailers as
measured by the International Council of Shopping Centers and
Goldman Sachs fell a larger-than-expected 0.7% from last week
although year-over-year sales were up 1%.
Commodities were mostly lower. Crude oil for November delivery
settled $1.20 lower at $101.21 per barrel while November natural
gas is fell 3 cents to $3.79 per 1 million BTU. December gold fell
$3.30 to finish at $1,273.30 per ounce while December silver slid
16 cents to $21.19 per ounce. December copper rose a penny,
settling at $3.31 per pound.
Here's where the markets stood at end-of-day:
Dow Jones Industrial Average down 133.25 (-0.87%) to
S&P 500 down 12.08 (-0.71%) to 1,698.06
Nasdaq Composite Index down 21.26 (-0.56%) to 3,794.01
Hang Seng Index up 0.51%
Shanghai China Composite Index down 0.19%
FTSE 100 Index up 0.64%
(+) TSLA, Wedbush upgrade to Outperform from Neutral; price
target raised by 33% to $240 a share.
(+) TUC, Agrees to $524-million buyout by CSC Serviceworks.
(+) NVGN, Seeking Alpha article labels the pharmaceutical
company "the most exciting idea in biotech."
(-) SVNT, Drug-maker files for Chapter 11 bankruptcy
(-) CWTR, Warns Q3 earnings will miss expectations and says the
company is exploring strategic alternatives.
(-) TDC, Issues disappointing earnings forecasts, prompting a
rash of analyst downgrades from Credit Suisse, Goldman Sachs and
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