Profit-taking amplified by an impressive gain in a regional
manufacturing index is pulling U.S. equities into negative
territory again today. The Nasdaq Composite is laboring under
losses for momentum stocks as well as a reversal for Facebook (
) shares. The social-networking company rose after posting better
than expected earnings but started giving back those gains after
company executives admitted some teens have lost interest in its
website in favor of rival destinations Instagram and Tumblr.
Traders largely shrugged off the Federal Reserve yesterday deciding
to maintain its accommodative monetary policy, instead focusing on
more hawkish language in the post-meeting statement indicating the
central bank could yet start tapering its stimulus efforts by the
end of 2013 or early 2014.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.
Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.