Wall Street had another down day on Wednesday as minutes from the Federal Reserve’s June meeting were released, despite the report signaling it may take steps in the near future to lift the economy. In that meeting the Fed announced that it would buy an additional $267 billion in long-term bonds, however it did not commit to embarking on another round of quantitative easing. Financial companies, led by Bank of America Corp. (BAC) turned in a mostly positive day, while oil rose 2.5 percent.
Word on the Street
- Google Inc. (GOOG) fell nearly 2 percent after analysts said the company may miss estimates.
- Oil prices rose as crude supplies drop, refinery activity gains.
- Corn prices dropped sharply, but trend remains higher.
- Brazilian stock were lower ahead of its central bank’s expected rate cut.
- Shares of Goldcorp (GG) dropped nearly 10 percent as analysts slashed outlooks.
- Best Buy Co. (BBY) and other electronics retailers fell as HHGregg (HGG) forecast a wider first-quarter loss than was expected.