Stocks Down on Bernanke's Statements (NWSA, GM)
Major indices were down by around half of a percent today, as pessimistic comments by Federal Reserve Chairman Ben Bernanke made investors wary. Bernanke told the public not to expect very strong job growth in 2012, and that the big drop since September had come as a surprise to him. On the other hand, estimated GDP growth from Q4 2011 was revised up, to a 3 percent annualized rate. In corporate news, James Murdoch will be stepping down from head of News International, the scandal-laden UK wing of News Corps' (NWSA) business.General Motors (GM) bought a 7 percent stake in a french automaker, as part of a broad alliance to lower their operating costs.
Word on the Street
- Stocks were down today after Federal Reserve Chairman Ben Bernanke's statements.
- Bernanke warned that job growth would be slow in 2012.
- However, factory and income data are showing some reasons to be more optimistic.
- James Murdoch stepped down as head of News Corp (NWSA) property News International.
- General Motors (GM) bought a 7 percent stake in French auto maker PSA Peugeot Citroen.
- The public dispute between Bank of America (BAC) and Fannie Mae continues.
Published on Feb 29, 2012By InvestorGuide Staff