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2 Oct 2013
Wall Street closed lower despite its late recovery
FXstreet.com (San Francisco) - The US stocks market closed lower on Wednesday after reaching multi-week lows in the early session but recovering some ground in the rest of the session.
Risk aversion was fueled by the weaker than expected US ADP employment report (166K in September vs 180K expected). However a meeting organized by President Obama and congressional leaders re-ignited hopes of a quick solution to the current Government shutdown and will provide a start for the debt ceiling negotiations.
The Dow touched 3-week lows at the early session, but it managed to cut losses by the half. The Dow and the S&P 500 have traded down for 8th time in the last 10 sessions.
The DJIA declined 58.56 points or 0.39% to close the day at 15,133.14; the S&P 500 eased 1.13 points or 0.07% to 1,693.87; and the Nasdaq Composite lost 2.96 points or 0.08% to 3,815.02.
Risk aversion was fueled by the weaker than expected US ADP employment report (166K in September vs 180K expected). However a meeting organized by President Obama and congressional leaders re-ignited hopes of a quick solution to the current Government shutdown and will provide a start for the debt ceiling negotiations.
The Dow touched 3-week lows at the early session, but it managed to cut losses by the half. The Dow and the S&P 500 have traded down for 8th time in the last 10 sessions.
The DJIA declined 58.56 points or 0.39% to close the day at 15,133.14; the S&P 500 eased 1.13 points or 0.07% to 1,693.87; and the Nasdaq Composite lost 2.96 points or 0.08% to 3,815.02.