Stocks Drift Lower as the Fed Leaves Policy Unchanged (BAC, ZNGA)

Stocks attempted to rebound after Tuesday's large drop but drifted lower overall. Some positive movement was made after housing data signaled continued economic recovery - home sales rose 5.7% to a two-year high. The Fed had their latest policy meeting today but did not announce any new changes or plans of action, but reiterated their efforts to push down US mortgage rates. The US federal court sued Bank of America (BAC) over alleged mortgage fraud at Countrywide Financial several years ago. Among those announcing earnings today were Yelp (YELP), Boeing (BA) and Zynga (ZNGA) after hours.
Facebook (FB) reported revenue as well and saw shares soar over 20% after announcing a 32% surge in revenue. Also on Wednesday Greece was granted a two-year extension to meet its bailout program terms. Oil fell for the fifth day in a row and ended below $86 a barrel.

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Published on Oct 24, 2012
By InvestorGuide Staff

Copyrighted 2020. Content published with author's permission.

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