October 4, 2013

Stocks fall on third day of government shutdown

Stocks have fallen eight of the last 10 days as investors anticipated that negotiations over the federal budget would fail.

The Associated Press

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click image to enlarge

In this Wednesday, Oct. 2, 2013 file photo, Trader Christopher Malloy works on the floor of the New York Stock Exchange. Financial markets remained fixated Thursday on developments in Washington as the partial shutdown of the U.S. government entered its third day and showed few signs of being resolved soon.

AP Photo/Richard Drew

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“While the chances are not zero, the probability of the debt ceiling not being raised and the probability of the U.S. defaulting are about as close to zero as you can possibly get,” said Scott Wren, a senior equity strategist at Wells Fargo Advisors. “I hope the market takes the bait and we get more of a sell-off here, it’s just an opportunity.”

The dollar dropped against the euro and the Japanese yen, continuing a recent slide. The dollar index, which measures the U.S. currency against a group of other major currencies, has declined for five days.

The Labor Department said Thursday it will not release the highly anticipated September jobs report on Friday because the government remains partly shut down.

In government bond trading, the yield on the 10-year Treasury note fell to 2.61 percent from 2.62 percent Wednesday.

Among stocks making big moves:

— Tesla Motors fell $7.64, or 4.2 percent, to $173.31 after the electric car company had a rare downgrade from a financial analyst and on news of a fire involving one of its cars.

— HCP fell $1.95, or 4.7 percent, to $39.82 after the real estate investment trust fired James F. Flaherty as its chairman and CEO.

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