Shutdown Drags on and Markets, Dollar End Lower (MSFT, WFC)
On day two of the government shutdown in the US, bank stocks stumbled as disappointing economic data was released. In September fewer private sector jobs were added than expected and the ADP reduced the number gained in August. This report weighs more than usual because the monthly jobs report may be postponed if the shutdown continues. A new lawsuit was announced against Wells Fargo Company (WFC), sending shares lower. Several major shareholders of Microsoft (MSFT) are asking for Bill Gates to step down as chairman, saying that he may be preventing change for the company.Tesla (TSLA) dropped a little over 4% after being a downgraded from neutral to outperform. On Wednesday the euro hit an eight-month high against the US dollar which sank lower for a fourth consecutive session.
Word on the Street
- Bernanke acknowledges monetary and economic concerns, Rosengren says taper could be extended.
- Private job growth slows unexpectedly in September, underscoring economic hopes.
- Blackberry (BBRY) shares jump on offer from Cerberus Capital Management.
- Financials including Wells Fargo (WFC) slip on Wednesday.
- Marathon Oil (MRO) leads energy stocks lower on talk that the company may sell stakes in a Libyan joint venture.
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- Top Five Stocks to Watch in October.
Published on Oct 2, 2013By InvestorGuide Staff