Obama Urges Boehner to Open Government; Techs Hit in Selloff

The S&P 500 reached a four-week low on Tuesday after most stocks continued to fall sharply. Few signs have emerged that the government shutdown, now on its second week, will end with a deal soon. President Obama made statements that he is happy to negotiate on everything besides a continued shutdown and debt ceiling hike. The Dow fell 2.3% and Nasdaq ended 2% lower for the day with most of its weakness coming from the tech industry. Tesla (TSLA) and Priceline (PCLN), typically strong stocks, have been fading significantly over the past few sessions of trading.
McKesson Corp (MCK) surged over 3% on talk that it may buy Celesio AG. After the bell Alcoa (AA) and Yum! (YUM) announced earnings for their respective third quarters. After reaching a two-month low against the yen yesterday, the US dollar was able to rebound slightly on Tuesday.

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Published on Oct 8, 2013
By InvestorGuide Staff

Copyrighted 2016. Content published with author's permission.

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