Street Ends Flat as Vice-Chair of Fed Suggests QE Policy Will Continue
Volume was lighter than usual on Wall Street as stocks closed the day with small losses. Vice Chairman of the Federal Reserve Janet Yellon made comments that the labor market needs to remain in focus and that the bank's ongoing monetary policy is appropriate for the current state of the economy. In corporate news, AOL (AOL) rallied on Monday after a stock upgrade. The energy sector ended lower with WPX Energy (WPX) and Southwestern Energy (SWN) each falling over 2.3%.Google (GOOG) also declined as chairman Eric Schmidt stated he is looking to cut his stake and sell stock over the next year. European markets finished mostly in the red ahead of a meeting of multiple euro zone finance ministers in Brussels. The dollar lost some ground against the euro but made gains against the Japanese yen, and oil futures rose to over $97 a barrel for the first time in more than a week.
Word on the Street
- Energy stock declines lead indices lower on Monday, including WPX Energy (WPX) and Noble Energy (NBL).
- Janet Yellen of the Fed urges US to focus on creating a healthier job market and economy.
- Gains for Netflix (NFLX) halted by Sony's (SNE) extended content agreement with Starz (STRZA).
- Apple (AAPL) continues to create a stir as analysts issue further recommendations for a cash return.
- The merger talks between American Airlines' AMR Group (AAMRQ) and US Airways (LCC) nears the end.
- VMware Inc. (VMW) announces acquisition of Virsto Software to boost growth.
- Euro zone sees signs of economic slowdown ahead of meeting in Brussels.
- When you have no official retirement age like Pope Benedict XVI, when do you know it's time to go?
- Qualities that make people uber-productive workers and separate them from others.
Published on Feb 11, 2013By InvestorGuide Staff