Bernanke Confirms Support of QE Program as Economy Grows Moderately (FDX, EBAY)
Markets saw gains on Wednesday as the Federal Reserve released statements from their most recent policy meeting. Chairman Bernanke stated that the Fed would continue to support its stimulus plan. He also made comments that the economy would recovery this year but at a slow rate - the economy would grow between 2.3% and 2.8% and unemployment would fall somewhere between 7.3% and 7.5% by the end of 2013. After the meeting, oil futures ended higher and financial stocks like Morgan Stanley (MS) and Goldman Sachs (GS) were up as well.FedEx (FDX) lowered its earnings forecast for the current year and saw shares fall almost 7%. Investors currently await a proposed solution for a Cyprus bailout after Tuesday's rejection by the government.
Word on the Street
- The Fed stands by its stimulus plan and says the economy is strengthening.
- FedEx (FDX) and Caterpillar (CAT) raise red flags after issuing disappointing profit updates.
- Jobless rate and US economy slow to recover during 2013, says Fed Chairman Bernanke.
- General Mills (GIS) reports its best quarterly profit in seven quarters and beats estimates.
- EBay (EBAY) shares rise after making changes for sellers regarding listing fees.
- Pinterest announces its acquisition of mobile app Livestar, founded by Fritz Lanman.
- Blackberry (BBRY) jumps on Wednesday after receiving an ugrade from underweight to overweight.
Published on Mar 20, 2013By InvestorGuide Staff