Wednesday, October 9, 2013

Wall Street dragged lower on shutdown jitters

Investors on Wall Street succumbed Wednesday to fears over the partial shutdown of the U.S. government that remains in effect.

An 8:15 p.m. ET report showing fewer private job gains than expected didn't help.

Ahead of the opening bell, Dow Jones industrial average index futures fell 0.5%, Standard & Poor's 500 index futures declined 0.7% and Nasdaq index futures fell 0.5%.

JOBS: Private sector gains 166,000

ASK MATT: Are Dow stocks dogs?

"Everyone is very cautious about how to react to the U.S. shutdown," said Andrew Sullivan at Kim Eng Securities in Hong Kong. "There's a lot for people to worry about."

The Dow rose 0.4% Tuesday to close at 15,191.70. The S&P 500 gained 0.8% to 1,695. The Nasdaq rose 46.50 points, or 1.2%, to 3,817.98.

TUESDAY: Stocks shrug off shutdown, close higher

Benchmark oil for November delivery was down 52 cents to $101.52 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 29 cents to close at $102.04 on Tuesday.

In Asia, Japan's Nikkei 225 index saw steep declines, falling over 2% to 14,170.49.

European markets fell across the board by around 1%, although Italy's FTSE MIB index advanced ahead of a confidence vote in Italy.

A gauge of U.S. private-sector employment will be released later Wednesday. This may be more closely watched than usual because the Labor Department may not issue its big monthly jobs report on Friday because of the government shutdown.

Contributing: Associated Press

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