CLOSING UPDATE: Stocks Plummet As Midnight Shutdown Draws Near
As the U.S. government teeters on the brink of a shutdown, the Dow Industrials fell by more than 100 points today, falling to a new 3 week low and trading below the 50 day moving average at 15,280. Exacerbated by quarter-end window dressing, taper-friendly manufacturing data and concerns surrounding Q3 earnings, the sell-off in the equities market was heaviest before the open, getting its second wind after Senate Democrats voted down House Republicans' proposal to de-fund Obamacare, setting the stage for a near-inevitable shutdown at midnight.
The drama playing out in Washington spilled into the European markets, dragging all the major indices into negative territory. But the Europeans had their own political spectacle weighing on financial markets as the Italian government sits on the brink of a crisis surrounding the ouster of former PM, and convicted tax-evader, Silvio Berlusconi. Weak Chinese manufacturing data was also a factor in the negative close for the UK FTSE-100, overshadowing bullish UK housing data.
Here's where the markets stand at the close:
Dow Jones Industrial Index was down 128.57 (-0.84%) to 15,129.67
S&P 500 was down 10.20 (-0.60%) to 1,681.55
Nasdaq Composite Index was down 10.11 (-0.27%) to 3,771.48
FTSE 100 was down .077%
Nikkei 225 was down 2.06%
Hang Seng Index was down 1.50%
Shanghai China Composite Index up 0.68%
ACTV, Vista Equity Partners has offered to buy the company for $14.50 per share or $1.05 billion in an all-cash transaction
RCON, Recon Technology reported a narrower FY2013 loss from operations for the same period in FY2012.
ZAZA, The energy company revised its joint development agreement with EOG Resources Inc ( EOG ) to further develop its properties in the Eaglebine and Eagle Ford East shale formations in Texas
ACHN, The FDA indicated that the removal of the clinical hold on sovaprevir, Achillion's NS3 protease inhibitor, is not warranted
GERN, Giving back all of Friday's gains tied to positive Wall Street Journal report on biopharmaceutical sector.
CNIT, According to an SEC filing, China Information Technology has granted 3 million restricted shares to some employees as part of its 2013 equity incentive program at a price of $3 per share.