Stocks Give Up Early Gains As FOMC Announcement Ignites Profit-Taking


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The stock market closed to the downside today, giving up early gains when the Fed's announcement to leave QE unchanged triggered an aggressive bout of profit-taking across all sectors of the market. The late action in the market was proof that not only is the stock market dependent on real economic growth to fuel new highs, but the impressive run in the market might be running out of steam. This was also seen in the bond market which reversed course from the 2.48% yield low in the 10-year to close at 2.52%, 2 basis points higher from Tuesday's close.

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This article appears in: Investing , Commodities

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