Most Sectors End Day In The Red – Acadiana Business Index
- The Dow finished down nearly 13 points to 12824 and the S&P 500 Index lost just over 2 points to 1355, while the NASDAQ was virtually unchanged at 2930. NYSE Composite volume totaled over 3.6 billion shares. The NYSE was even on issues and on volume. Decliners beat advancers on the NASDAQ by 5-4 on issues, but volume was 10-7 positive.
- Stocks were flat as investors digested the release of the FOMC statement.
- The central bank said it would extend its “Operation Twist” program through the end of this year and Fed Chairman Bernanke said he is looking for action from Congress to support the central bank's actions. In addition, the Fed’s forecasts put a damper on investor sentiment after it projected weaker growth, higher unemployment and softer inflation over the next few years.
- With focus on the Fed, investors overlooked news that Greece successfully formed a coalition government and a report that Germany’s Chancellor said bond purchases by the EU bailout fund were a possibility.
- Overall, most sectors were in the red with energy among the biggest losers as commodities fell under pressure.
- After a batch of disappointing earnings reports today, profit tallies will remain in focus after the close with reports due out from Bed Bath & Beyond and Red Hat.
- In bondland, Treasuries finished mixed with the 10-year note down 9/32 to yield 1.65% and the 30-year bond gained 7/32 to yield 2.72%.
For the complete report, click Ken's Market Report.