Dow drops as Fed aims at reducing asset buying

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Source: Dukascopy Bank SA
The Wall Street closed in red yesterday amid escalated worries that the Fed is considering stopping its bond-buying program sooner-than-expected. The Dow Jones Industrial Average skidded as much as 0.3%, or 46.92 points, to close at 13,880.62 on Thursday. All groups within the benchmark gauge declined. Technology shares edged lower, posting a 0.6% decrease. However, further losses were halted by Hewlett-Packard Co. that advanced 2.4% to $17.10 on better-than-expected profit outlook. Boeing Co/The followed with a 1.6% rally, capping further decline in industrial stocks that were 0.5% down. The company is about to present a redesigned battery version for the 787 Dreamliner to offset safety concerns raised by the regulators. Furthermore, Wal-Mart Stores added 1.5%, as its earnings data topped the analysts' estimates. On the downside was Bank of America that eased 3.2%, posting the biggest slump in Dow, followed by Home Depot Inc. that swung 3.1% to $64.38.
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