Just two days after the FOMC decided to keep the fiscal spigot
open, comments from regional Fed Presidents reignited investors'
anxiety about an imminent tapering of the $85 billion per month
asset purchase program.
Although the Dow Jones Industrial will still close the week on
the plus side, it shed more than 100 points today on comments from
Fed Presidents James Bullard and Esther George hinting that an
October tapering is still on the table. Although Bullard and George
are both very conservative regarding monetary stimulus, their
remarks still caught equities off guard after the markets had
reached record highs Wednesday on the expectation that a taper was
on hold until there was further economic evidence of a rebound.
The only economic data was the Atlanta Fed Business Inflation
Expectation. According to business owners in the Atlanta Fed
region, unit prices are expected to increase 1.9% in September,
down slightly from 2.0% in August.
Here's where the markets stand at the close:
Dow Jones Industrial Index was down 1.18% at 15,451.85
S&P 500 was down 0.73% at 1,709.76
Nasdaq Composite Index was down 0.39% at 3,774.73
FTSE 100 was down 0.44%
Nikkei 225 was down 0.16%
Hang Seng Index was up 1.67%
Shanghai China Composite Index was up 0.29%
FEYE The stock price nearly doubled from its 15.2 million IPO
price of $20 per share.
VRNM BASF offered $4 per share for the company for a total
acquisition cost of $62 million.
FUEL Artificial intelligence company, Rocketfuel, launches 4
million share IPO at $29 per share
BBRY Released dismal Q2 earnings just before the close. Revenue
of $1.6 billion was nearly half of consensus estimates of $3.1
DRI Reported that fiscal Q1 earnings fell 38% to $0.53 from
$0.85 the year earlier, also missing the $0.71 average Capital IQ
RNA Phase III clinical study of drisapersen for the treatment of
Duchenne Muscular Dystrophy didn't meet the primary endpoint
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