Fed Comments and Missed Earnings End Market Rally (DELL, CSCO)

Stocks turned downward on Thursday on rumors that the Fed may be easing up on their bond purchases as soon as this summer. Even though the Dow hit an intraday high of 15,302.49, all three major indices edged lower by the close of the bell. Housing starts in the US reportedly fell 16.5% in April and jobless claims jumped higher last week. Several big companies tumbled after releasing earnings today, including Wal-Mart (WMT), Dell (DELL) and J.C.
Penney (JCP). Cisco Systems (CSCO) on the other hand surged 13% after reporting profit that was better than expected for the quarter. On Thursday the dollar fell against most global currencies including the euro.

Word on the Street

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Published on May 16, 2013
By InvestorGuide Staff

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