Market Report: Stocks Drop As Investors Fear Shutdown

2 years 11 months 3 weeks ago September 29, 2013 Sep 29, 2013 Sunday, September 29 2013 Sunday, September 29, 2013 2:52:00 PM CDT in News
By: William Joy, KOMU 8 Reporter

COLUMBIA - Major indexes finished down this week as wall street showed fear of a government shutdown.

The Dow Jones Industrial Average finished the week down 192 points to close at 15,258.24, down 1.25 percent because of drops in cisco and big local employer, IBM. The NASDAQ managed to finish up to 3,781.59 because of a strong earnings report from Nike, but the index only managed a .18 percent gain for the week, and the S&P 500 closed down for the first week this month to finish at 1,691.75, a 1.06 percent loss.

Blackberry and JC Penny were the big losers this week. JCP shares fell sharply after the company denied that it was short of money, but then issued $1 billion of new shares reportedly just to raise enough cash to make it through the holidays, and the mobile phone maker had equally depressing news. It turns out no one is buying Blackberries, T-Mobile is going to stop stocking them and the company lost $1 billion last quarter.

Economic reports released this week weren't too promising.

Consumer Sentiment, which is a survey of what people think of the health of the economy, slipped to 77.5 in September, down from 82.1 in August, which is the lowest final reading since April.

Housing prices have gone up a little more than 12 percent from July 2012-2013 according the S&P/Case-Shiller 20-City index, and they're up almost 2 percent from June to July, which is good news. According to Zillow, Columbia housing prices are up 7.4 percent from last year. The bad news is that more cities are seeing slowing gains each month. More people are selling homes, but fewer people are buying, which means housing prices are basically flat-lining.

The big reports this week are all about the employment situation and manufacturing orders, but the main thing to watch is if government runs out of money and shuts down if a bill isn't passed by Monday at midnight.

A government shutdown means roughly one million government workers are put on furlough, which means non-essential departments like national parks and zoos are closed as well as the Securities and Exchange Commission and Center for Disease Control, but you'll still be able to fly because Air Traffic Controllers will still work, get mail from the US Postal Service, and servicemen still get paid.

A key factor in the shutdown is the Affordable Care Act, but President Obama says he'll veto any bill that stops the program from starting on October 1.

The shutdown isn't as important as the debt-ceiling deadline of October 17th. The government shutdown keeps the government from making any new spending commitments, but the debt limit keeps them from paying previous commitments. If it's not raised, the US will default on some payment obligations which could severely cripple the national and world economy.

 

More News

Grid
List
DE SOTO (AP) — Two people have been killed in a traffic accident in eastern Missouri. The Missouri... More >>
21 minutes ago September 25, 2016 Sep 25, 2016 Sunday, September 25 2016 Sunday, September 25, 2016 5:19:27 PM CDT in News
KANSAS CITY (AP) — An advocacy group wants state and federal authorities to investigate a possible arson at a mosque... More >>
25 minutes ago September 25, 2016 Sep 25, 2016 Sunday, September 25 2016 Sunday, September 25, 2016 5:15:24 PM CDT in News
COLUMBIA – More than 150 people registered to participate in a walk at Stankowski Field Sunday morning to raise awareness... More >>
13 hours ago September 25, 2016 Sep 25, 2016 Sunday, September 25 2016 Sunday, September 25, 2016 4:34:00 AM CDT in News
COLUMBIA - The Columbia Police Department responded at 8:16 p.m. Saturday to a shooting outside of a home at 2800... More >>
20 hours ago September 24, 2016 Sep 24, 2016 Saturday, September 24 2016 Saturday, September 24, 2016 9:35:00 PM CDT in Continuous News
COLUMBIA- On Saturday, Meals with Mom brought together mothers and their children to make homemade pizza rolls and desert. ... More >>
22 hours ago September 24, 2016 Sep 24, 2016 Saturday, September 24 2016 Saturday, September 24, 2016 7:08:00 PM CDT in News
WARSAW (AP) — A 51-year-old Springfield man already in prison on drug charges has been sentenced to life in prison... More >>
23 hours ago September 24, 2016 Sep 24, 2016 Saturday, September 24 2016 Saturday, September 24, 2016 5:58:00 PM CDT in News
JOPLIN (AP) — A former Joplin police officer has pleaded guilty to a federal charge for offering to help a... More >>
1 day ago September 24, 2016 Sep 24, 2016 Saturday, September 24 2016 Saturday, September 24, 2016 5:32:00 PM CDT in News
FULTON - Fulton Police arrested two siblings Saturday morning at a residence on the 900 block of Lyle Street. ... More >>
1 day ago September 24, 2016 Sep 24, 2016 Saturday, September 24 2016 Saturday, September 24, 2016 5:20:00 PM CDT in News
COLUMBIA - A 41-year-old man was accused of beating his significant other with a hammer Friday, according to the Boone... More >>
1 day ago September 24, 2016 Sep 24, 2016 Saturday, September 24 2016 Saturday, September 24, 2016 4:03:00 PM CDT in News
JEFFERSON CITY - The Old Munichburg Association brought the community out to celebrate German culture during Saturday's Oktoberfest. The... More >>
1 day ago September 24, 2016 Sep 24, 2016 Saturday, September 24 2016 Saturday, September 24, 2016 3:52:00 PM CDT in News
COLUMBIA - MU Children's Hospital held a tailgate for the MU vs. Delaware State football game Saturday. With help... More >>
1 day ago September 24, 2016 Sep 24, 2016 Saturday, September 24 2016 Saturday, September 24, 2016 3:15:00 PM CDT in Continuous News
KANSAS CITY, Mo. (AP) — A 25-year-old man was struck and killed after he got out of a vehicle stopped... More >>
1 day ago September 24, 2016 Sep 24, 2016 Saturday, September 24 2016 Saturday, September 24, 2016 2:50:51 PM CDT in News
COLUMBIA - Missouri Tigers' quarterback Drew Lock threw for 402 yards and five touchdowns, including four to wide receiver J’Mon... More >>
1 day ago September 24, 2016 Sep 24, 2016 Saturday, September 24 2016 Saturday, September 24, 2016 2:22:00 PM CDT in Sports
HAZELWOOD (AP) — St. Louis area police said injuries have been reported after a car hit people waiting for a... More >>
1 day ago September 24, 2016 Sep 24, 2016 Saturday, September 24 2016 Saturday, September 24, 2016 1:51:48 PM CDT in News
COLUMBIA - This morning officers confirmed a report of shots fired in the area of Arlene Drive and Gillespie Bridge... More >>
1 day ago September 24, 2016 Sep 24, 2016 Saturday, September 24 2016 Saturday, September 24, 2016 12:54:00 PM CDT in Top Stories
KANSAS CITY, Mo. (AP) — One person was killed when a vehicle plunged into a Kansas City area lake. ... More >>
1 day ago September 24, 2016 Sep 24, 2016 Saturday, September 24 2016 Saturday, September 24, 2016 12:15:43 PM CDT in News
ROGERSVILLE (AP) — A 13-year-old Missouri boy who's mowing lawns for free for single mothers, senior citizens and the disabled... More >>
1 day ago September 24, 2016 Sep 24, 2016 Saturday, September 24 2016 Saturday, September 24, 2016 11:30:43 AM CDT in News
KANSAS CITY (AP) — Republican presidential nominee Donald Trump tried unsuccessfully to buy a Kansas City casino in 1999, but... More >>
1 day ago September 24, 2016 Sep 24, 2016 Saturday, September 24 2016 Saturday, September 24, 2016 10:50:02 AM CDT in News
Columbia, MO
Broken Clouds 80°
6pm 74°
7pm 70°
8pm 66°
9pm 65°

Select a station to view its upcoming schedule:

Coming Up Next

5:30p
NBC Nightly News with Lester Holt
6:00p
Football Night in America
7:20p
Sunday Night Football
4:00p
Open Season
6:00p
Naked Gun 33 1/3: The Final Insult
8:00p
Paid Program

Tonight's Schedule

6:00p
Football Night in America
7:20p
Sunday Night Football
6:00p
Naked Gun 33 1/3: The Final Insult
8:00p
Paid Program
8:30p
Cops Reloaded
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld