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Markets End Mostly Lower on Government Shutdown, Debt Ceiling

By: , dated October 4th, 2013

Weekly Wrap Up

After Congress was unable to reach an agreement about funding, the US government shutdown for the first time in seventeen years on Tuesday. By Friday the closure dragged on to day four and anxiety and uncertainty continued to increase. Major markets ended with a weekly loss. The US debt ceiling decision is also looming ahead and is causing more worries for Washington.

In corporate news, Tesla (TSLA: Charts, News) stumbled earlier this week after a stock downgrade. Blackberry (BBRY: Charts, News) received an offer from Cerberus Capital Management and saw shares jump. By Friday Twitter was trending as the company prepares for an IPO, despite cutting its spending plans by 10% for the year. More Market News

Economic News

Focus on Debt Ceiling as US Shutdown Drags On; Obama Cancels Trip
House Republicans huddled on Friday to plot their next move on the fourth day of a U.S. government shutdown that many fear will drag on until bickering Washington politicians reach a deal to raise the debt ceiling and avoid a default. (Source: Yahoo!) Click here to read the full article
Currencies: Dollar Rebounds Against Euro Ahead of Fed Talk
The dollar regains some ground against the euro on Friday, a day after hitting an eight-month low, as investors waited for developments in the budget impasse in Washington and remarks from several Federal Reserve officials. (Source: MarketWatch) Click here to read the full article
Five Stocks to Watch in October
U.S. stock markets continued making new highs in September, with the S&P 500 Index hitting 1,725 on September 18th. The month of October begins with a government shutdown, which has had little impact on markets so far. Nevertheless, if the shutdown is prolonged and a resolution on the debt ceiling is not reached by October 17th, stocks could be pressured in the near term. (Source: InvestorGuide) Click here to read the full article

Business News

Nike Sprints Past Earnings Estimates
Nike (NKE: Charts, News) blew away Wall Street last week, after reporting earnings that topped analyst estimates by a wider margin. (Source: InvestorGuide) Click here to read the full article
Eli Lilly Slides After Its Experimental Breast Cancer Drug Fails
Shares of pharma giant Eli Lilly (LLY: Charts, News) tumbled last week, after the company reported that it would not seek breast cancer approval for ramucirumab, its experimental cancer treatment which has also been tested on gastric, colon, liver, and lung cancers. (Source: InvestorGuide) Click here to read the full article
Halozyme Soars On A Major Milestone Payment from Roche
Shares of Halozyme Therapeutics (HALO: Charts, News) soared last week, after the company announced that the commercial launch of Roche’s Herceptin SC (subcutaneous version) in Europe had triggered a $10 million milestone to the company. (Source: InvestorGuide) Click here to read the full article
Pharmacyclics Soars On Analyst Blessings
Shares of Pharmacyclics (PCYC: Charts, News) soared recently, after the company’s pipeline of experimental small-molecule treatments for cancer and immune system diseases gained the blessing of analysts. (Source: InvestorGuide) Click here to read the full article

Technology Focus

Lose Money, No Problem: Twitter’s IPO is a California Dream
The tech industry is captivated by two upcoming IPO’s, which offer an interesting contrast. (Source: Yahoo!) Click here to read the full article

Your Money

Are Government Shutdowns Bad For Stocks?
September 18, 2013 was an historic day in the annals of the Dow Jones Industrial Average. It was during this day the Dow reached its highest mark ever, albeit brief. (Source: Forbes) Click here to read the full article
Multitasking Makes Managers Less Thoughtful
You’re sitting at a meeting checking your e-mail on your iPad or your texts on your phone. Or, if you’re like the average college student, your attention is divided at least three ways, among the lecturer, your laptop, and your text messages. (Source: HBR) Click here to read the full article

 

This article was brought to you by the InvestorGuide Staff Writers and Editors.

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