Stocks finished slightly lower as uncertainty over the ongoing political wrangling put investors on edge. Meanwhile, the CBOE volatility has not risen above 20 since July, reflecting that investors hope a deal will be reached. Tech stocks managed to close with mostly gain, with Netflix surging 14% on news of a new content deal with Walt Disney. Apple lost 1.8% despite UBS maintained a bullish rating on Apple, but said “significant P/E expansion” is unlikely for the shares, which are currently trading about 11.2 times the company’s estimated earnings for the next four quarters. Qualcomm gained 0.15% after the co. said it would invest $120 million in Japanese Sharp. In the evening trade Pandora Media plunged 20% after the co.’s quarterly and yearly forecasts fell short of expectations.
