Category: General

A two-day rally in the stock market came to an end Thursday afternoon when an account of the Federal Reserve's last meeting revealed a split between bank officials over how long the Fed should keep buying bonds to support the economy.
The Dow Jones industrial average and the Standard & Poor's 500 index treaded water for much of the day, then slid into the red around 2 p.m. Eastern, after the Fed released the minutes from its December meeting.

The Dow ended with a loss of 21.19 points at 13,391.36.

The S&P 500 lost 3.05 points to 1,459.37 and the Nasdaq composite fell 11.70 to 3,100.57.

At last month's meeting of the Federal Reserve's policy-making committee, the central bank pledged to buy $85 billion of Treasurys and mortgage-backed bonds and also keep a benchmark interest rate near zero until the unemployment rates drops below 6.5 percent. Continue reading "Stocks fade after Fed discloses split on stimulus" →

The stock market crept higher in midday trading Thursday, one day after the Dow Jones industrial average posted its biggest gain in more than a year.

Retailers reported mixed sales and the prospect of a new budget battle in Congress loomed.

The Standard & Poor's 500 index inched up one point to 1,463 and the Nasdaq composite rose four points to 3,116.

UnitedHealth Group held back the Dow, sinking $1.65 to $52.88, a 3 percent drop, after analysts at Deutsche Bank and other firms cut their ratings on the insurer's stock. The Dow was up just seven points to 13,419 as of 12:22 EST.

"It's natural to relax a bit after such a huge day as yesterday," said Lawrence Creatura, who manages a small-company fund at Federated Investors. Continue reading "Stocks tread water as next fiscal showdown looms" →

After moving sharply higher at the start of trading on Wednesday, stocks continued to perform well throughout the session. The markets benefited from a positive reaction to news of a last-minute fiscal cliff agreement in Washington.

Most of the major sectors moved notably higher on the day, reflecting broad based buying interest on the heels of the fiscal cliff deal.

Semiconductor stocks posted particularly strong gains, driving the Philadelphia Semiconductor Index up by 4.1 percent. Standout gains by MEMC Electronic Materials (WFR) and Lam Research (LRCX) helped lift the index to its best closing level in over three months.

Considerable strength was also visible among steel stocks, which benefited from the elimination of some of the uncertainty about the outlook for the economy. The NYSE Arca Steel Index jumped 3.5 percent to an eight-month closing high. Continue reading "Stocks Close Sharply Higher, At Best Levels Of The Day Stocks" →