September 25, 2013 — 4:15 p.m. ET - 09/25/13

Stocks finished in negative territory on Wednesday. The Dow was down 61 points to 15273. The S&P 500 Index declined for a fifth day as it lost over 4 points to 1692. The NASDAQ was lower by 7 points to 3761. Washingtonsongoing debt debate weighed on the major averages. The Senate and House are at odds over language that would defund President Obama's healthcare law as the budget deadline approaches. Congress has until October 1 to approve a funding mechanism that would averta government shutdown with a key vote expected later this week. Stocks closed lower despite better than expected economic data. New home sales unexpectedly increased in August by 7.9% after falling 14.1% in July. In addition, bookings for durable goods roseby 0.1% last month thanks to the strongest rise in vehicle demand since February. Overall, most sectors finished lower. Healthcare was the worst performing group as Baxter International dropped 6.4% to $66.70. Consumer stocks were also weak with Wal-Mart falling1.4% to $74.68 after a report revealed the company is cutting supply orders amid an inventory backlog. On the upside, Materials gained ground as gold and copper prices rose for the first time in four sessions. NYSE Composite volume totaled over 3.1 billionshares. On the NYSE, decliners matched advancers on issues and on volume. The NASDAQ was 9-8 negative on issues but 7-5 positive on volume. In fixed-income, Treasuries gained ground and a government auction of five-year notes garnered solid demand. The 10-yearnote was up 10/32 to yield 2.62% and the 30-year bond gained 7/32 to yield 3.66%.

 

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