US close: Obama called out for missing budget deadline



LONDON (ShareCast) - - House Republicans criticise President for missing budget deadline
- Standard & Poor's expects to be target of US lawsuit
- US banks anticipate improvements in credit quality

Dow Jones (DJI: ^DJI - news) : -0.93%
Nasdaq 3,179: -1.51%
S&P 500 1,513: -1.15%

The main US equity benchmarks were trading lower as House Republicans called out President Barack Obama for missing Monday's deadline to submit his budget to Congress.

The House plans on holding a vote Tuesday to draw attention to the lapse - the fourth time in five years the administration's submission will be late, according to reports.

The president is required by law to deliver a budget for the upcoming fiscal year to Capitol Hill the first Monday in February.

Republican leaders released statements criticising the administration for ignoring the law.

"For the fourth time in five years this White House has proven it does not take trillion-dollar deficits seriously enough to submit a budget on time," House Speaker John Boehner said in a statement.

His party will take up a bill Tuesday that requires the White House to submit a balanced budget, or else submit a supplemental plan by April 1st that indicates the earliest year they expect the budget to be balanced.

Also under the microscope is Standard & Poor's (S&P) which expects to be the target of a US Department of Justice civil lawsuit over its rating of mortgage bonds prior to the financial crisis.

S&P said the case will focus on its ratings in 2007 of various US collateralised debt obligations - making it the first federal enforcement action against a credit rating agency over alleged illegal behaviour tied to the economic downturn.

Shares in parent company McGraw-Hill Companies tumbled following the news.

On the upside, a Federal Reserve survey revealed US banks anticipate credit quality to increase this year after easing standards on loans for autos and businesses of all sizes.

"Banks expect improvements in credit quality in most major loan categories" in 2013, the central bank said Monday in its quarterly survey of senior loan officers released in Washington.

Randgold Resources climbed after the mining company reported a 16% rise in annual profits.

Facebook Inc (NasdaqGS: FB - news) . plummeted after last week reporting a $64m profit in the fourth quarter of last year, a significant fall compare to $302m in the previous year.

Boeing Co (NYSE: BA - news) . continued to gain on last week's fourth-quarter profits that topped Wall Street estimates.

Bank of America plunged as a group of mortgage-backed securities investors said it failed to buy back more than $30bn in loans from investors after the bank modified the mortgages to reduce borrower payments, Reuters reported.

10 year US Treasury yields were down by 2 basis points, to 2.89%.

Front month West Texas Intermediate crude futures fell by 1.632 to the 96.200 dollar mark.

S&P 500 - Risers
Netflix Inc (NasdaqGS: NFLX - news) . (NFLX) $174.74 +6.03%
Humana Inc (NYSE: HUM - news) . (HUM) $78.86 +4.66%
H&R Block Inc (NYSE: HRB - news) . (HRB) $23.82 +4.20%
GameStop Corp (NYSE: GME - news) . (GME) $25.25 +2.27%
Frontier Communications Co. (FTR) $4.47 +1.71%
JDS Uniphase Corp. (JDSU) $15.02 +1.62%
Mattel Inc (NasdaqGS: MAT - news) . (MAT) $38.78 +1.36%
Western Union Co. (WU) $14.57 +1.32%
Dean Foods Co. (DF) $18.48 +1.32%
Newmont Mining Corp (NYSE: NEM - news) . (NEM) $44.10 +0.89%

S&P 500 - Fallers
McGraw-Hill Companies Inc. (MHP) $50.30 -13.78%
Moody's Corp. (MCO) $49.45 -10.66%
Gannett Co. Inc (NYSE: GCI - news) . (GCI) $18.51 -6.70%
Tiffany & Co (NYSE: TIF - news) . (TIF) $62.17 -4.01%
Nabors Industries Ltd (NYSE: NBR - news) . (NBR) $16.25 -3.56%
Pitney Bowes Inc (NYSE: PBI - news) . (PBI) $13.34 -3.47%
Constellation Brands Inc (NYSE: STZ - news) . Class A (STZ) $31.55 -3.46%
Life Technologies Corp. (LIFE) $63.02 -3.40%
Allegheny Technologies Inc (NYSE: ATI - news) . (ATI) $32.01 -3.32%
PulteGroup Inc (NYSE: PHA - news) . (PHM) $19.68 -3.29%

Dow Jones I.A - Risers
Boeing Co. (BA) $75.21 +0.45%

Dow Jones I.A - Fallers
Travelers Company Inc. (TRV) $78.00 -2.37%
Merck & Co. Inc (Xetra: A0YD8Q - news) . (MRK) $40.85 -2.34%
Bank of America Corp. (BAC) $11.48 -1.96%
Microsoft Corp. (MSFT) $27.43 -1.79%
Hewlett-Packard Co. (HPQ) $16.18 -1.70%
Pfizer Inc (NYSE: PFE - news) . (PFE) $27.17 -1.66%
Alcoa Inc (NYSE: AA - news) . (AA) $8.86 -1.56%
McDonald's Corp. (MCD) $94.60 -1.41%
Home Depot Inc. (HD) $66.36 -1.40%
General Electric Co. (GE) $22.31 -1.37%

Nasdaq 100 - Risers
Randgold Resources Ltd. Ads (GOLD) $98.39 +2.86%
Mattel Inc. (MAT) $38.78 +1.36%
Seagate Technology Plc (STX (KSE: 011810.KS - news) ) $33.80 +0.39%
Perrigo Company (NasdaqGS: PRGO - news) (PRGO) $105.68 +0.38%
KLA-Tencor Corp. (KLAC) $55.82 +0.11%

Nasdaq 100 - Fallers
Facebook Inc. (FB) $28.11 -5.45%
Life Technologies Corp. (LIFE) $63.02 -3.40%
Expedia Inc (NasdaqGS: EXPE - news) . (EXPE) $65.16 -3.14%
Avago Technologies Ltd. (AVGO) $35.18 -2.98%
Oracle Corp. (ORCL) $35.13 -2.97%
Celgene Corp. (CELG) $98.59 -2.81%
Alexion Pharmaceuticals Inc (NasdaqGS: ALXN - news) . (ALXN) $95.22 -2.71%
eBay Inc. (EBAY (NasdaqGS: EBAY - news) ) $55.69 -2.66%
Dell Inc (NasdaqGS: DELL - news) . (DELL) $13.27 -2.64%
Apple Inc (NasdaqGS: AAPL - news) . (AAPL) $442.32 -2.49%