The Fed's Beige Book Reports Modest Growth While US Indices End Low on Earnings

The markets ended low on Wednesday after the earnings session began and worries grew over global economic growth and the euro zone. The Fed released their Beige Book today, reporting improvement in both the housing and automobile industries and a mixed manufacturing synopsis. Chevron (CVX) shares dropped after announcing their third-quarter earnings will most likely be lower than expected and will be posting results in early November. FedEx (FDX) shared plans to reduce costs and saw its stock jump on Wednesday. It was also noted that wholesale inventories rose for the month of August, the first gain in four months.
Oil closed 1.2% lower after a weak forecast for oil demand. The US dollar index pushed higher on Wednesday, defying many expectations from the Fed.

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Published on Oct 10, 2012
By InvestorGuide Staff

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