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Market Update

U.S. Lawmakers in No Mood to End Shutdown, Indexes Drift Lower

Author: Nichole Harper
Last Update: 1:13 PM ET October 02 2013

1:05 PM New York U.S. market indexes declined as government remained shut for the second day. The White House summoned top lawmakers to settle on a short-term budget to reopen the government and move the negotiations to decide on the debt limit revision.

Investors and Wall Street began factoring economic impact of a government shutdown longer than week.

On the second day of U.S. government closure, the White House and Congress have no plans to meet, discuss or negotiate early settlement.

President, Democrats and Republican negotiators are looking to combine two separate discussions on the budget and the debt ceiling, prolonging the government shutdown.

On Wall Street, stocks declined and market indexes fell.

S&P 500 index declined 0.2% to 1,690.99 and the Nasdaq Composite Index fell 5.11 to 3,812.87.

Private sector added less-than-expected 166,000 jobs in September and August employment was revised lower to 159,000 from 176,000, ADP National Employment said in a report.

In European trading market indexes closed mixed and Italian Prime Minister Enrico Letta won a confidence vote after former Prime Minister Silvio Berlusconi backed out of its confrontational stance and decided to support the coalition government.

In London trading, FTSE 100 index dropped 0.7% or 43.69 to 6,416 and in Frankfurt the DAX index slumped 0.6% or 50.28 to 8,639. In Paris, CAC 40 index declined 0.8% or 33.29 to 4,163.

U.S. Stocks in Review

Global Payments Inc (GPN) surged 11.4% or $5.77 to $56.47 after the payments services provider said revenue in the first-quarter ending in August jumped 7% to $629.7 million. Net income in the quarter surged 38% to $64.6 million or 87 cents a diluted share compared to $46.7 million or 59 cents.

Monsanto Company (MON) declined 1.3% or $1.34 to $103.71 after the agricultural products provider reported net sales in the fourth-quarter ending in August advanced 5% to $2.20 billion. Net loss in the quarter widened to $249 million or 47 cents a diluted share compared to $229 million or 42 cents.

Walgreen Co. (WAG) slipped 1.4% or 77 cents to $55.47 after the drugstore chain reported sales in the fourth-quarter ending in August jumped 5% to $17.9 billion. Total sales in comparable stores increased 4.6%. Net earnings in the quarter surged 86.4% to $657 million or 69 cents diluted share compared to $353 million or 39 cents per share.

Front-end comparable store sales in the quarter grew 1.6% and customer traffic in comparable stores slid 1.9% while basket size increased 3.6%.

Prescription sales that contributed 63.9% of sales jumped 6.1% and prescription sales in comparable stores climbed 6.4%.

Net sales for the year rose 0.8% to $72.2 billion and net earnings jumped 15% to $2.45 billion or $2.56 per share from $2.13 billion or $2.42 per share.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc