Markets Plummet, Debt Ceiling Approaches

As the nation moved one day closer to the debt ceiling deadline, the markets plummeted to close sharply lower with the Dow collapsing 159 points to 14,776. Nasdaq skidded 75 points to 3694.

On the upside

Outerwall (Nasdaq: OUTR) will release third quarter results on Thursday, October 24, after market close.

Goldman Sachs upgraded Fibria Celulose (NYSE: FBR) from a Neutral rating to a Buy rating.

Drill results indicated that Seabridge Gold's (NYSE: SA) Deep Kerr may contain a high-grade zone.

On the downside

Idenix Pharmaceuticals (Nasdaq: IDIX) development partner Johnson & Johnson purchased the hepatitis C treatment of Idenix rival GlaxoSmithKline (NYSE: GSK).

Piper Jaffray analyst Alexander Potter cut his price target on Clean Energy (Nasdaq: CLNE) from $9.50 to $4.50.

Investors locked in profits on Youku Tudou (NYSE: YOKU).

In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on both the NYSE and on Nasdaq. The broader S&P 500 plunged 20 points to 1655.

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