Stocks extended earlier losses after the Federal Reserve today
voted to trim another $10 billion from its monthly bond-buying
stimulus program. Shares already were declining well ahead of the
afternoon Federal Open Markets Committee decision to reduce its
purchases of Treasury and mortgage debt to $65 billion per month,
erasing all of yesterday's gain after an aggressive rate hike in
Turkey overnight failed to halt the sell-off in the Turkish lira,
rekindling worries about slower global economic growth.
For the second meeting in a row, the Fed today continued to
reduce its stimulus efforts, citing a pick up in economic activity
in recent quarters, adding "Labor market indicators were mixed but
on balance showed further improvement."
The meeting was the last for Chairman Ben Bernanke, who leaves
the central bank after eight years, handing the reins to Vice Chair
Janet Yellen on Friday.
The ongoing economic turmoil in the world's emerging markets
again kept equities in a slump, falling for the fourth day in five.
Currency problems in Turkey as well as Russia sent many investors
in haven such as gold, with the March gold contract rising $11.20
to settle at $1,262.20 per ounce. Natural gas also continued it
rapid climb, with March contract advancing a whopping 65 cents to
finish at $5.69 per 1 million BTU.
Here's where the U.S. market stood at end-of-day:
Dow Jones Industrial Average down 189.77 (-1.19%) to
S&P 500 down 18.30 (-1.02%) to 1,774.20
Nasdaq Composite Index down 46.53 (-1.14%) to 4,051.43
Hang Seng Index up 0.82%
Shanghai China Composite Index up 0.56%
FTSE 100 Index down 0.43%
(+) EZPW, Q1 net income of $0.49 per share, ex items, beats
Capital IQ consensus by $0.10. Revenue declined 1.2% compared to
the same quarter last year, falling to $269.39 million but still
topped the Street view by $4.32 million.
(+) FSL, Earns $0.19 per share in Q4, beating the consensus by
$0.01. Revenue rises 13.1% year over year to $1.08 bln, also
topping analyst estimates by around $30 mln. Projected Q1 revenue
of $1.07 bln to $1.11 bln exceeds Street view by $30 mln.
(+) MDVN, Said its Enzalutamide drug candidate demonstrated a
statistically significant reduction in the risk of death and
delayed disease progression during Phase III testing in men with
metastatic prostate cancer.
(-) PGNX, Study summary posted online ahead of a company
presentation on Thursday showed two patients died of sepsis during
Phase II testing of its prospective treatment for prostate
(-) CRUS, Shares fall for a second day the chip-maker forecast
revenue during the current quarter trailing the Wall Street
consensus. The stock also declined Tuesday after Apple Inc (
) - which has been responsible for over 80% of the company's sales
- forecast iPhone sales missed Wall Street expectations in the
(-) BCA, Agrees to $2.88 bln merger of its operations in Chile
and Columbia with Itau (
), with BCE acquiring ITUB's Chilean business in exchange for 172
million newly issued BCE shares. ITUB also will invest $652 million
in the newly formed bank.
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