News Summary: Stocks sag on shutdown, weak hiring

Published on NewsOK Modified: October 2, 2013 at 4:37 pm •  Published: October 2, 2013
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DAY TWO: The stock market opened sharply lower on the second day of a partial shutdown of the U.S. government. It recouped some of the loss following news that President Barack Obama had summoned Congressional leaders to the White House for talks. The Dow Jones industrial average fell as much as 147 points in early trading, then pared its loss to 58 by the end of the day.

WEAKER HIRING: Investors were also discouraged by a survey that showed fewer jobs were added in September than economists had forecast. The report, by payroll processor ADP, got more attention than usual because the release of the Labor Department's September jobs report will likely be delayed because of the government shutdown.

DEFENSIVE SELL-OFF: Defense companies, which derive much of their income from government contracts, slumped. Lockheed Martin dropped $2.42, or 1.9 percent, to $125.08 and Raytheon slid $1.73, or 2.2 percent, to $76.08.



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