Stocks Slide Lower After Fed Announcement


Posted on: October 30th, 2013 by ABC News No Comments

iStock/Thinkstock(NEW YORK) — A decision from the Fed wasn’t enough to push stocks in positive territory, nor were some key earnings reports.
 
The Dow Jones Industrial Average closed down 62 points, finishing the session at 15,618.76. The Nasdaq Composite fell 22 points to 3,930.62. The S&P 500 dropped eight points to close at 1,763.31.
 
The Federal Reserve is going to keep its economic stimulus going. The Central Bank announced Wednesday that it needs to see more encouraging signs in the job sector and other areas before it decides to taper off its bond buying and other programs.
 
The latest earnings report from Facebook shows the social networking site’s third-quarter numbers beat expectations. 

Shares of Facebook stock were up 14 percent in after-hours trading Wednesday — an increase of $7 a share to around $56.

Starbucks also had a positive earnings report. The coffee company reported earnings of $3.8 billion, only slightly under prior forecasts of $3.81 billion.
 
Good news for trick-or-treaters at Halloween: government data released Wednesday shows candy and chewing gum prices are 2.3-percent lower compared to a year ago.

Copyright 2013 ABC News Radio



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