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.
Word on the Street
- The Fed's Beige Book shows modest housing growth and improvements in auto sales.
- Angela Merkel blocks the proposed merger between BAE Systems (BAESY) and EADS (EADSY).
- Wal-Mart (WMT) shares hit a new high after strong sales and the start to holiday laway season.
- FedEx (FDX) announces large cost cutting plans to generate $1.7 billion with improvements.
- On Wednesday Toyota (TM) recalled 7.4 million autos, many may ignore the warning.
- The losing streak barely ends for gold as concerns over the euro zone continue.
- After news of a lawsuit from the US government, shares of Wells Fargo (WFC) decline.
- You may know about Social Security and Medicare benefits, but there are 7 more that you might be elligible for.
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Published on Oct 10, 2012By InvestorGuide Staff