Investing.com - Stock prices finished Friday flat as investors
took profits after spending the past several sessions applauding
positive indicators and a Federal Reserve decision to shave USD10
billion off its monthly USD85 billion in monthly bond purchases, a
sign the economy is improving and in less need of monetary support.
At the close of U.S. trading, the Dow Jones Industrial Average fell
0.01%, the S&P 500 index fell 0.03%, while the Nasdaq Composite
index fell 0.25%.
Stocks repeatedly hit record highs after the Federal Reserve last
week announced plans to begin scaling down its monthly bond-buying
Profit-taking sent prices edging lower on Friday, especially amid
concerns that a gradual tapering of Federal Reserve stimulus
programs will result in borrowing costs inching up down the road.
Still, expectations for a more robust economy in 2014 sent prices
rising in recent days before hitting levels ripe for profit taking
On Thursday, the U.S. Department of Labor reported that the number
of individuals filing for initial jobless benefits declined by
42,000 to a seasonally adjusted 338,000 last week.
Analysts were expecting U.S. jobless claims to fall by 35,000 to
345,000 from the previous week's revised total of 380,000, which
was the highest since March.
Leading Dow Jones Industrial Average performers included Cisco, up
1.03%, 3M, up 0.76%, and Exxon Mobil, up 0.58%.
The Dow Jones Industrial Average's worst performers included
Boeing, down 0.99%, Microsoft, down 0.41%, and Intel, down 0.37%.
European indices, meanwhile, finished higher.
After the close of European trade, the EURO STOXX 50 rose 1.16%,
France's CAC 40 rose 1.40%, while Germany's DAX 30 rose 1.06%.
Meanwhile, in the U.K. the FTSE 100 finished up 0.85%.
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