Latest Stories

US stocks mixed as Fed minutes back early QE tapering

Trader Gregory Rowe, right, works on the floor of the New York Stock Exchange Wednesday, July 10, 2013. US stocks ended mixed on Wednesday after the minutes of the Federal Reserve’s last policy meeting suggested it could end its QE stimulus program by the end of the year. AP PHOTO/RICHARD DREW

NEW YORK CITY—US stocks ended mixed on Wednesday after the minutes of the Federal Reserve’s last policy meeting suggested it could end its QE stimulus program by the end of the year.

The Dow Jones Industrial Average edged down 8.68 (0.06 percent) to 15,291.66.

The broad-based S&P 500 was also little-changed, rising 0.30 (0.02 percent) to 1,652.62. Meanwhile, the tech-rich Nasdaq Composite Index climbed 16.50 (0.47 percent) to 3,520.76.

Minutes of the Fed’s last policy meeting showed a significant bias toward winding up the QE bond-buying program even before the mid-2014 target announced by Fed chief Ben Bernanke.

Yet, the minutes noted, “many members indicated that further improvement in the outlook for the labor market would be required” before a reduction in the asset purchases would be merited.

The minutes were consistent with the Fed’s stance on tapering, said Alan Skrainka, chief investment officer of Cornerstone Wealth Management.

“No big surprises here at all,” Skrainka said. “It just reinforced the view that QE will be tapered soon, but the exact pacing and timing will depend on economic data.”

Apple shares dropped 0.4 percent after a federal judge ruled the company violated antitrust laws in conspiring with publishers to raise e-book prices. The judge ordered a new hearing to assess damages to be paid.

Tribune Company gained 3.2 percent after announcing plans to spin off its struggling newspaper division from its growing television station holdings.

Discount retailer Family Dollar rose 7.1 percent after beating forecasts in its fiscal third quarter, with net earnings coming in at $1.05 cents a share, two cents higher than expected.

Dollar General, another discount retailer, rose 5.8 percent.

Oil and gas driller Nabors Industries sank 6.3 percent after signaling that second-quarter operating profits would be lower than analysts’ expectations. The company also said efficiency gains from operating oil companies could dent year-end profits.

Drugstore chain Walgreens rose 3.0 percent after raising its quarterly dividend by 14.5 percent.

Smartphone manufacturer BlackBerry fell 3.7 percent following a report that the company planned more layoffs amid disappointing sales of its most recent devices.

Skin-care products maker Nu Skin jumped 19.2 percent after it sharply raised its forecast for second-quarter earnings.

Bond prices fell. The yield on the 10-year Treasury rose to 2.68 percent from 2.63 percent late Tuesday, while the 30-year pushed to 3.69 percent from 3.65 percent. Bond prices and yields move inversely.

Follow Us

Follow us on Facebook Follow on Twitter Follow on Twitter

Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: close , stocks , US

  • MariusDejess

    What does that mean for our local stocks trading?

Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94


  • UN heads say Syria aid needs ‘largely unanswered’
  • Captain who left doomed ferry had 40 years at sea
  • UK woman held for murder after children’s bodies found
  • Washington calls S. Sudan violence an ‘abomination’
  • Abducted soldier freed in Compostela Valley
  • Sports

  • UP nips St. Benilde; Adamson blasts RTU in Filoil women’s caging
  • Kevin Garnett responds to Raptors’ GM F word
  • Albert Pujols hits 500th HR of major league career
  • UST posts twin kill in Filoil pre-season cup opening day
  • Wizards beat Bulls in OT to take 2-0 series lead
  • Lifestyle

  • Entering the monkhood a rite of passage
  • Haneda International Airport: A destination on its own
  • Wanted: Beauty queen with a heart that beats for the environment
  • Kim Atienza: At home with art and design
  • Life lessons I want to teach my son
  • Entertainment

  • Ex-Fox exec denies allegations in sex abuse suit
  • Kris Aquino backtracks, says Herbert Bautista and her are ‘best friends’
  • Summer preview: Chris Pratt enters a new ‘Galaxy’
  • Bon Jovi helps open low-income housing in US
  • Summer movie preview: Bay reboots ‘Transformers’
  • Business

  • Toyota sells 2.58 million vehicles, outselling GM
  • McDonald’s 1Q profit slips as US sales decline
  • SEC approves SM’s P15B retail bond offer
  • $103M Vista Land bonds tendered for redemption
  • Oil slips to $102 as US crude supplies seen rising
  • Technology

  • Engineers create a world of difference
  • Bam Aquino becomes Master Splinter’s son after Wiki hack
  • Mark Caguioa lambasts Ginebra teammates on Twitter
  • Brazil passes trailblazing Internet privacy law
  • New York police Twitter campaign backfires badly
  • Opinion

  • One-dimensional diplomacy: A cost-benefit analysis of Manila’s security deal with Washington
  • No ordinary illness
  • Reforest mountains with fire trees and their kind
  • Day of the Earth
  • When will Chinese firm deliver new coaches?
  • Global Nation

  • Hong Kong accepts PH apology; sanctions also lifted
  • China won’t budge, wants PH gov’t to apologize to HK
  • Cha cha train to follow Obama visit?
  • No word yet on inking of US-PH defense pact during Obama visit
  • Filipina, 51, shot dead by 24-year-old American boyfriend
  • Marketplace