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Red Runs Across Wall Street As Shutdown Drags On

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