US stocks inched down despite hopes for additional easing from Fed

Source: Dukascopy Bank SA
US equities inched down on Friday despite hints that the Fed may loosen its monetary policy further. John Williams, San Francisco Federal Reserve Bank president ,said that when the Operation Twist ends in December, the Fed may extend the outright purchases of Treasuries. However, stocks closed lower as index futures and stock options expired. The S&P 500 Index eased down 0.01% to end the week at 1,460.15. Five out of ten sectors within the index climbed. The top-performers were telecommunications and health care sectors. Crown Castle International and Frontier Communications advanced 0.34% and 3.76% while AmerisourceBergen and Becton Dickinson gained 1.67% and 0.13%. At the same time, basic materials and consumer goods dragged the US stock index lower. Shares of Allegheny Technologies, Cliffs Natural Resources and Eastman Chemical dropped 0.33%, 3.67% and 0.31% amid weak manufacturing activity worldwide. Among consumer goods, Costco Wholesale and Brown-Forman slid 0.27% and 0.39%.

 

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Mon, 24 Sep 2012 17:04:20 GMT

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