Fed Offers No Hints on Taper; Stocks End Mixed (WFM, FB)
The two-day Federal Reserve meeting concluded on Wednesday but statements released afterward did not reflect major changes in plans. The Fed said that the economy grew at a modest pace and that it plans to continue with its $85 billion monthly bond purchasing program. After this news US stocks continued to gain but ended mixed overall for the day. Shares of Garmin (GRMN) and Symantec Corp (SYMC) rose on quarterly reports. After the bell Yelp (YELP) shared sales that increased by 69% while Whole Foods (WFM) stumbled after their report.It was also announced today that the private sector added 200,000 jobs in July, a figure that was higher than expected.
Word on the Street
- Fed stays committed to bond purchasing, sends stocks up on Wednesday.
- US economy grows 1.7% in the second quarter on business and consumer spending.
- Yelp (YELP) reports earnings and increases their Q3 estimate.
- Buffalo Wild Wings (BWLD) beats estimates for earnings and revenue.
- Credit Suisse Group (CS) in advanced talks to sell private equity business for more than $200 million.
- FDA grants 501k clearance to Stereotaxis (STXS), sending stock up 228%.
Published on Jul 31, 2013By InvestorGuide Staff