FinancialBuzz; Weekly Stock Market Wrap Up LIVE from the NYSE | Financial Buzz

FinancialBuzz; Weekly Stock Market Wrap Up LIVE from the Floor of the NYSE

September 30, 2013 – October 4, 2013

Welcome to Financial Buzz Market Weekly, here at the New York Stock Exchange, bringing you a review of this week’s stock market.

It’s official, Congress was unable to come to agreement on the budget standoff and as a result non-essential services of the government have been shut down and around 800,000 federal workers are temporarily off the job.  Republicans are upset with President Obama’s health care and would like key portions of it delayed, hence the bickering.  At first, the market took the news on Tuesday with a rally, however, as the days wore on, worry about ripple effects to the economy began to take hold.

In other news, the Institute for Supply Management said its index of factory activity rose to 56.2 in September up from 55.7 in August, the highest level since 2011.  The construction spending report was canceled, and the important nonfarm payrolls report was not released on Friday, both as a result of the government shutdown.  The ADP private sector job creation came in below expectations at 166,000, with service sector positions providing the bulk of the gain. The ADP numbers have special significance this time because they are the only payroll jobs report available during the shutdown.

Jobless claims once again came in below expectations at 308,000 and the 4 week moving average is at a new recovery low of 305,000.

Now for some individual stocks., Inc.(NASDAQ: AMZN)said it will hire more than 70,000 seasonal workers during the holidays, up 40% from the year before.  Thousands will be kept on a permanent basis after the holiday season. 

Apple Corporation (NASDAQ: APPL) shares jumped Tuesday when billionaire investor Carl Icahn tweeted he had dinner with Apple’s CEO Tim Cook and pushed hard for a $150 billion stock buyback.  With Apples current share price, this would reduce available shares by one-third.

Velocity Shares Daily 2x Short Term VIX (NYSEARCA: TVIX) , and ProShares Ultra VIX Short-Term Futures ETF are profiting from the increase in the CBOE Volatility Index this week brought about by the fiscal uncertainty.

The Boeing Company (NYSE:BA), the aerospace and defense company said there could be delays in jetliner deliveries due to the work furlough of thousands of aviation officials needed to certify new planes.

United Technologies Corporation (NYSE: UTX) shares slumped when they stated that they may need to idle up to 4,000 employees in a week and several thousand more in a month if government functions are not restored.

And finally, we have Tesla Motors Inc. (NASDAQ: TSLA) shares falling on news of its Model S catching fire due to road shrapnel puncturing a battery cell and igniting it.