Markets Gain on Fed Reassurance and Positive Earnings (BAC, TSLA)
On Wednesday the markets saw slight gains after the Federal Reserve released their most recent Beige Book. Chairman Bernanke reassured investors that the end to it's bond-buying program is not set in stone and that key decisions depend on economic development in the US. Also pushing the major indices higher were positive earnings reports from several companies including Bank of America (BAC), Bank of New York Mellon Corp. (BK) and Monster Beverage Corp. (MNST). Tesla (TSLA) stumbled on Tuesday but was able to rally today by about 11%.The US dollar gained against most major currencies including the Japanese yen and the euro.
Word on the Street
- The Fed's Beige Book finds US growth continues at a "modest to moderate" pace.
- Bank of America (BAC) rises on earnings report and leads other financials higher.
- Dell (DELL) shares tumble on buyout uncertainty.
- Canada's main stock index TSX hits a six-week high on Fed comments.
- US Federal Energy Regulatory Commission and JPMorgan (JPM) close in on settlement.
- Tesla (TSLA) Stock Pummeled on Goldman Downgrade.
Published on Jul 17, 2013By InvestorGuide Staff