Monday Closing Bell: Markets Softer as Shutdown Looms

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September 30, 2013: U.S. markets opened lower Monday as hopes were dashed over the weekend to a settlement of a federal budget continuing resolution. An afternoon vote by the Senate to eliminate a delay in funding for Obamacare likely guarantees that many federal government operations will be forced to shut down at midnight.

Latin American, European, and Asian markets all closed lower today.

It is likely that federal government data releases due this week will be delayed. The Labor Department has already said that Friday’s unemployment report will not be released if the government is shut down. Tuesday’s calendar includes the following scheduled data releases and events (all times Eastern):

  • 8:58 a.m. – PMI manufacturing index
  • 10:00 a.m. – ISM manufacturing index
  • 10:00 a.m. – Construction spending
  • 11:30 p.m. – 4-week bill auction

Here are the closing bell levels for Monday:

  • S&P500 1,681.56 (-10.19; -0.60%)
  • DJIA 15,129.67 (-128.57; -0.84%)
  • NASDAQ 3,771.48 (-10.12; -0.27%)
  • 10YR TNOTE 2.613% (+0.09375)
  • Gold $1,327.00 (-12.20; -0.9%), up 8.4% for the quarter, but down 5% for the month
  • WTI Crude oil $102.33 (-0.54; -0.5%), down 4.9% for the month, but up 6% for the quarter
  • Euro/Dollar: 1.3527 (+0.0034; +0.25%)

There have been no earnings reports of note since last Friday morning.

Stocks on the Move: The Active Network Inc. (NYSE: ACTV) is up 25.5% at $14.31 after agreeing to a buyout by private equity firm Vista Equity Partners at $14.50 a share in cash. Achillion Pharmaceuticals Inc. (NASDAQ: ACHN) is down 58.3% at $3.02 after announcing that the FDA will continue a clinical hold on the company’s hepatitis-C drug. Brookfield Office Properties Inc. (NYSE: BPO) is up 13.8% at $19.09 following a tender offer by Brookfield Property Partners LP (NYSE: BPY) for the 49% of BPO that it does not own. LDK Solar Co. Ltd. (NYSE: LDK) is up 29.5% at $1.93 after announcing that it had reached a forbearance agreement on a $13 million interest payment originally due on August 28th.

In all, 57 stocks put up new 52-week highs today, while 35 stocks posted new lows.

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