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CLOSING UPDATE: Concession to Washington Gridlock Continues as Stocks Suffer Heavy Losses

By: MT Newswires
Posted: 10/8/2013 4:10:00 PM
Referenced Stocks: AMZN;FISV;LNKD;P

Stocks closed at their lowest levels in more than a month as the on-going government shutdown and unresolved debt ceiling caused the continued exodus from U.S. equities. Social media stocks such as Pandora Media ( P ), Amazon ( AMZN ) and LinkedIn ( LNKD ) took the brunt of the negative sentiment rolling through Wall Street as these stocks are especially vulnerable to negative investor confidence. Hawkish comments from a pair of Fed Presidents coupled with downward revisions to global growth forecasts from the IMF only added to the sour tone across the financial markets leaving the trifecta -- stocks, bonds and precious metals -- all lower today.

Here's where the markets stood at the close:

US MARKETS

Dow Jones Industrial Index was down 159.71 (-1.07%) to 14,776.53

S&P 500 was down 20.67 (-1.23%) to 1,655.454

Nasdaq Composite Index was down 75.55 (-2.00%) to 3,694.83

GLOBAL SENTIMENT

FTSE 100 was down 1.11%

Nikkei 225 was up 0.30%

Hang Seng Index was up 0.89%

Shanghai China Composite Index was up 1.08%

UPSIDE MOVERS:

TISA, Top Image Systems signed a non-exclusive contract with Fiserv ( FISV ), a global provider of information management and electronic commerce systems for the financial services industry.

VISN, The company reported a profit of $4.5 million for Q2 compared to a gross loss of $5.1 million in Q1.

ARWR, company focused on targeted RNAi therapeutics today pricing a private offering with net proceeds expected at $60 million, clearing the way for the company to move ahead with another trial of its ARC-520 drug candidate to treat chronic hepatitis B virus infection.

DOWNSIDE MOVERS

QIWI, Began trading its American Depositary Shares on the Moscow Exchange

TWGP, After paying out significant claims due to Hurricane Sandy, the company is considering its strategic options with its lead financial advisor JP Morgan.

JMBA, Jamba lowered its outlook as the company reported slower consumer spending and increased competition