Debt Limit Debate Weighs Down Markets

January 15, 2013 at 09:43 AM EST

The debate over the debt limit weighed the markets down to a lower open with the Dow losing 36 points to 13,471. Nasdaq fell 21 points to 3096.
On the upside
Express (NYSE: EXPR) cited strong holiday sales for lifting its guidance for the fourth quarter and full year.
The New York Stock Exchange granted Chimera (NYSE: CIM) an additional 30-day extension for continued listing.
The Food and Drug Administration approved Santarus' (Nasdaq: SNTS) ulcerative colitis treatment Uceris.
On the downside
Majesco Entertainment (Nasdaq: COOL) reported a loss for the fourth quarter despite higher revenue and warned of lower sales in 2013. Lululemon Athletica (Nasdaq: LULU) forecast fourth quarter revenue below analyst expectations.
SAP (NYSE: SAP) reported preliminary fourth quarter earnings and revenue that fell short of estimates.
In the broad market, declining issues outpaced advancers by a margin of more than 7 to 5 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 index lost 5 points to 1465.