Rally By Major Averages After Fed Chairman’s Testimony Not Long-Lasting – Acadiana Business Index
- The Dow Jones Industrial Average fell 80 points to 15,307 after being up by as many as 154 points in early action. The S&P 500 gave up nearly 14 points to 1655 and the NASDAQ shed more than 38 points, bringing the index to 3463.
- The major averages rallied in earlier action as testimony from Fed Chairman Ben Bernanke supported views that the central bank would continue their current easing measures.
- Despite the early optimism, equities fell into the red as the FOMC minutes showed that several regional Presidents supported paring back bond purchases, but were still undecided on what would trigger that action.
- All 10 sectors on the S&P finished lower with 7 giving up more than 1%. Corporate earnings were mixed in the session. Shares of Target were down 4% to $68.40 and Lowe’s advanced 1.2% to $42.97 following their quarterly profit tallies.
- Composite volume on the NYSE was 4.3 billion shares with declining issues besting advancers by a 7-2 margin. The NASDAQ was 3-1 negative on issues.
- Turning to fixed income markets, Treasuries ended lower along the curve. The benchmark 10-year note was down 7/8 of a point to yield 2.03 % and the 30-year bond gave up over a point and a half to yield 3.22%.
For the complete economic report, click Ken's Market Report.