Stocks Dip as Chicago PMI, Hawkish FOMC Language Boosts Profit-Taking Pressure

By
A A A

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 ( FB ) 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.


This article appears in: Investing , Commodities

Referenced Stocks: FB

MT Newswires

MT Newswires

More from MT Newswires:

Related Videos

Can You Trust CarFax?
Can You Trust CarFax?               

Stocks

Referenced

70%

Most Active by Volume

164,810,018
  • $16.16 ▲ 4.12%
50,233,746
  • $55.89 ▲ 4.66%
38,892,062
  • $37 ▲ 5.35%
36,824,964
  • $35.15 ▲ 1.88%
34,222,883
  • $9.74 ▲ 6.22%
32,620,827
  • $100.58 ▲ 0.01%
29,001,008
  • $30.10 ▼ 0.76%
25,347,187
  • $8.25 ▲ 1.48%
As of 8/21/2014, 04:03 PM

Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com