September 27, 2013 -- 4:15 p.m. ET - 09/27/13

Stocks closed out the week in negative territory. The Dow was down 70 points to 15258. The S&P 500 Index declined for the sixth time in seven sessions as it lost over 6 points to 1691. The NASDAQ was lower by 5points to 3781. Washingtons debt debate put pressure on the major averages. The Senate approved legislation to keep the government open until mid-November. However, the House is not expected to pass the bill which includes funding for the new federal healthcare law. If the measure is not agreed to by October 1, the government will partially shut down. On the economic front, data was mixed. Consumer spending rose for the fourth straight month in August and incomes jumped by the most since February. On the downside,a reading on consumer confidence fell to nearly a five-month low. Overall, every sector finished lower. Telecommunications and Materials fell the most as Verizon dropped 1.6% to $46.93 and Dow Chemical lost 2.7% to $38.92. For the week, the Dow posted a 1.3%loss and the S&P 500 fell 1.1%, snapping a three-week winning streak for both indices. The NASDAQ bucked the downtrend as it gained 0.2%. NYSE Composite volume totaled over 2.9 billion shares. On the NYSE, decliners beat advancers by 2-1 on issues and 3-1 onvolume. The NASDAQ was 8-5 negative on issues and 4-3 negative on volume. In fixed-income, Treasuries rose and extended their string of weekly gains to three. The 10-year note was up 7/32 to yield 2.62% and the 30-year bond gained 6/32 to yield 3.68%.

 

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