This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Stocks Slip as Shutdown Endures

NEW YORK (TheStreet) -- U.S. stocks slipped Wednesday as the fiscal drama in Washington dragged on and President Barack Obama met with business leaders including Boeing (BA)CEO James McNerney Jr. in an effort to force Republicans to end the partial government shutdown.

Markets pared losses from earlier in the day, reflecting the sense that lawmakers will eventually resolve this latest budgetary crisis. The S&P 500 fell 0.07% to close at 1,693.86 after falling as much as 1.1%. The Dow Jones Industrial Average slumped 0.39% to 15,133.14 and the Nasdaq dropped 0.08% to 3,815.02.

Monsanto ( MON ) shares lost 1.2% to $103.76 after the country's largest seed manufacturer issued a 2014 earnings guidance that fell short of analyst forecasts while reporting a wider fourth-quarter loss than investors had expected. The St. Louis-based company also announced it reached a deal to buy agriculture analytics and risk-management company The Climate Corporation for $930 million in cash.

Staples( SPLS ) added 2.2% to $15.12 as the office-products company said it continues to invest in e-commerce capabilities and has completed its acquisition of Runa, a software company based in San Mateo, Calif. that helps online retailers increase sales by personalizing their shopping experiences. Terms and conditions of the acquisition were not disclosed.

Must Read: Stock Futures Slip Amid Washington Fiscal Drama

Private payroll employment grew by a lower than expected 166,000 in September, according to payroll process Automatic Data Processing, versus the average economist expectation of 180,000. August's job gain was revised down to 159,000 from 176,000.

It's now expected the Bureau of Labor Statistics jobs report for September won't be released on Friday until the government resumes operations as usual.

It wasn't all downbeat news on Wednesday. Molycorp ( MCP ) shares surged 10.3% to $7.35 after the rare-earth mining company announced that two plants making up its last major construction activities in Mountain Pass, Calif. will likely be commissioned and enter into production in the fourth quarter, helping it focus on boosting output while lowering production costs.

Burlington Stores ( BURL ) soared more than 48% to $25.25 during its first day of trading on the New York Stock Exchange after the parent company of the Burlington Coat Factory chain raised $227 million by offering 13.3 million shares at $17, above the expected range of $14 to $16.

The FTSE 100 in London decreased 0.34% and the DAX in Germany slid 0.69%. The Hong Kong Hang Seng finished up 0.55% while the Nikkei 225 in Japan closed down by 2.17%.

The benchmark 10-year Treasury was increasing 8/32, diluting the yield to 2.625%.

-- Written by Andrea Tse in New York

>To contact the writer of this article, click here: Andrea Tse.>

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
MCP $0.36 0.00%
BURL $50.70 0.00%
MON $94.58 0.00%
SPLS $8.92 0.00%
AAPL $94.02 0.00%


Chart of I:DJI
DOW 16,204.97 -211.61 -1.29%
S&P 500 1,880.05 -35.40 -1.85%
NASDAQ 4,363.1440 -146.4150 -3.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs