Fed Says Growth Remains Moderate, Apple Drops Below $400 (AAPL, EBAY)
Despite advancing earlier in the day, the major indices in the US dropped sharply by the close of the bell on Wednesday. Apple (AAPL) led the decliners with a 5.5% loss in shares. Bank of America (BAC) slid 4.7% after releasing Q1 earnings and announcing its $500 million settlement over its Countrywide unit. American Express (AXP) announced late on Wednesday that its Q1 profit rose 2%, and EBay (EBAY) shared that its earnings were almost 19% higher than the same quarter one year ago.The Fed released its most recent Beige Book today, stating that economic growth remains moderate in the US and is led by manufacturing, housing and auto sales.
Word on the Street
- Bank of America (BAC) reaches a record settlement of $500 million over Countrywide.
- Apple (AAPL) plummets 5.5% after more signs emerge of a disappointing earnings report.
- Global shares and oil slips on concerns of economic growth.
- Energy stocks like Valero (VLO) and Hess (HES) drag down the S&P 500.
- The Fed's Beige Book indicates that economic growth remains moderate.
- Yahoo (YHOO) Reports Better Earnings, Lower Revenues.
- The overhang of student debt on young workers may be hurting the economy.
- Have you considered the notion of "psycological capital" and how it affects your work life?
Published on Apr 17, 2013By InvestorGuide Staff