Central Bank Reiterates Commitment To Bond Purchases – Acadiana Business Index
- The Dow Jones Industrial Average fell 44 points to 13,910, the S&P 500 gave up 6 points to 1,502, and the NASDAQ ended 11 points lower at 3,142.
- Stocks were choppy in a range-bound session as investors responded to mixed economic data. Despite a positive ADP jobs report, an unexpected 0.1% contraction in fourth-quarter GDP weighed on equities.
- Investors were also focused on the conclusion of the Fed’s two-day policy meeting. The central bank reiterated their commitment to bond purchases until further improvement in the economy and unemployment situation.
- Eight of the 10 sectors on the S&P finished lower, led by declines in the industrial space. Shares of Du Pont fell 33 cents to $47.63 and 3M gave up $1.02 to $100.79. On the earnings front, Boeing advanced 94 cents to $74.59 after the company posted better-than-expected earnings and said recent problems with their 787 Dreamliners would not impact operations or earnings. In other news, Facebook gained 45 cents to $31.24 in the session. The social media website is scheduled to report their earnings Wednesday evening.
- Composite volume on the NYSE was 3.7 billion shares with declining issues besting advancers by a 2-1 margin. The NASDAQ was 7-3 negative on issues.
- Turning to fixed income markets, Treasuries are little changed with the benchmark 10-year note flat to yield 2.00%.
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