Fed Sends Wall Street to Record on Plans to Maintain Stimulus
Wall Street ended higher on Wednesday after the Fed released surprising news that they would not be reducing its bond purchases and would watch for continued strength in the US economy. Stocks soared after this announcement - the S&P 500 reached another record high and metal futures jumped. Late in the day Oracle (ORCL) posted a higher profit for its fiscal Q1 and saw shares rise. Blackberry (BBRY) said that the company will be laying off 40% or 12,000 of its workers by the end of the year, sending shares lower.Google (GOOG) announced on Wednesday that it will be forming a new health-care company named Calico. The US dollar saw a sharp decline after Bernanke said he would maintain the stimulus and the Fed cut to their economic forecast for growth in 2013.
Word on the Street
- Fed surprises many after announcing it would not begin a stimulus taper.
- Number of housing starts in August misses mark, apartment sector weighs.
- Blackberry (BBRY) shares tumble after reporting 40% of its workforce will soon be layed off.
- Gold and silver soar at the close of the Fed's two-day meeting and QE plans.
- Fed downgrades its outlook for the US economy for 2013 and 2014.
- Sharp Corp. plans to raise $1.7 billion in shares and increases forecast.
- Microsoft (MSFT) Increases Dividend, New Stock Buyback Program.
Published on Sep 18, 2013By InvestorGuide Staff