September 30, 2013 — 4:15 p.m. ET - 09/30/13

Stocks closed out September on a down note. The Dow was down 128 points to 15129. The S&P 500 Index declined for the seventh time in eight sessions as it lost 10 points to 1681. The NASDAQ was also lower by 10 points to 3771. An ongoing budget stalemate in Washington weighed on the market. The likelihood of a government shutdown at midnight tonight intensified after the Senate rejected House legislation to fund the government and delay the health care law. Concerns that Congress may fail to raise the debt ceiling added to the cautious tone. As a result, a pair of positive manufacturing reports was overlooked. The Chicago purchasing managers' index showed business activity reached a four-month high in September and a separate gauge revealed Texas manufacturing expanded to its best level since February 2012. Overall, every sector finished lower. Consumer stocks paced the decline as Procter & Gamble fell 2.2% to $75.54 and Nike lost 1.3% to $72.66. Energy also lagged behind as Exxon Mobil declined 1.1% to $85.99. Despite recent losses, the major averages posted impressive monthly returns. The Dow gained 2.2% in September, the S&P 500 increased over 2.9% and the NASDAQ rallied 5.1%. NYSE Composite volume totaled over 3.2 billion shares. On the NYSE, decliners beat advancers by 3-2 on issues and 5-2 on volume. The NASDAQ was 6-5 negative on issues and 3-2 negative on volume. In fixed-income, Treasuries were little changed. The 10-year note was up 3/32 to yield 2.61% and the 30-year bond was up 1/32 to yield 3.68%.

 

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