U.S. shares drop on Fed's announcement to end bond purchases in 2013

Source: Dukascopy Bank SA
© scanpix/reuters
U.S. Stocks dropped after Fed policy makers announced they might end their $85 billion monthly bond-purchase program in 2013. The S&P 500 index tumbled 0.2% to 1,459.37. The benchmark index touched its highest level in 3 months on Wednesday, as the lawmakers passed a budget bill. Seven out of ten groups in the index inched lower with basic materials pairing the biggest losses by declining 0.59%. Family Dollar Stores Inc. eased 13% to $55.74, the most since 2013, as it forecast second-quarter earnings that underscored the estimates, pacing a 0.19% loss in the consumer goods sector. The discount-store chain's earnings will be around $1.28 a share, well below the analysts' estimate of $1.39 profit. The biggest U.S. insurer UnitedHealth Group inched 4.7% lower after it was cut from buy to hold at Deutsche Bank, capping gains in the health care sector. Meanwhile, Ross stores Inc. surged 8% on Same-store sales that exceeded estimates, as retailers kept flat inventories and appealed to shoppers with last-minute reductions.
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Fri, 04 Jan 2013 13:29:03 GMT

Dow inches lower on concerns about budget deficit

Dow erased this week's gains on concerns Fed will end the bond purchasing somewhere this year. After the budget deal this week, investors are now paying their attention to confrontations between Republicans and White House over government spending. In addition, a larger number of Americans than forecast claimed for unemployment benefits last week. The Dow Jones Industrial Average slumped 0.2%

Fri, 04 Jan 2013 15:32:56 GMT

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