Stocks Slide on Federal Reserve Minutes (MS, T)
Major indices were pulled down today, as investors had clearly been expecting another round of quantitative easing but minutes from the latest meeting of the Federal Reserve Open Markets Committee indicated that it was not forthcoming. In more positive news, carmakers are expected to have sold at an annualized rate of 14 million cars last month. In corporate news, Morgan Stanley (MS) will be fined by the Federal Reserve for the "robosigning" scandal in which they were found negligent in their home loans practices. AT&T (T) is currently in negotiations with the Communications Workers of America and it may lead to a worker strike.
Word on the Street
- Any hope for another round of quantitative easing was dashed with the latest Federal Reserve minutes.
- Brazil is hoping to stimulate its economy with a new round of tax cuts and credits.
- Pinterest's cofounder stepped down, at a moment when the company is heating up.
- Morgan Stanley (MS) will be fined for its home loan practices.
- AT&T (T) faces tough negotiations with its labor union.
- Car sales were strong in March.
Published on Apr 3, 2012By InvestorGuide Staff