Tapering Will Begin in January; S&P 500 and Dow Jones Have Record Finishes
The Dow Jones and S&P 500 ended the day with record closes as the long awaited announcement has finally arrived. After months of speculation, the Fed has announced that they will begin tapering the stimulus package in January. The Federal Reserve will cut government bond purchases by $10 billion, will cut Treasury bond purchases by $5 billion and will also cut purchases in mortgage-backed securities by $5 billion. While these aren't drastic cuts in the grand scheme of things, it is just a start. The price of Bitcoin's took a major hit today, down around 19% to $564 today after Bitcoin announced that they would no longer accept deposits in China's local currency, the yuan. The U.S. housing market continues to improve as it rose nearly 23% in November to its highest level in over five years.During a year of pretty successful IPO releases, AMC Entertainment (AMC) becomes one of the most recent company to go public and have success during its first day. Throughout its first day on Wall Street the company saw its shares rise around 7.5%.
Word on the Street
- Fed announces they will taper bond spending by $10 billion beginning in January.
- Facebook (FB) must address IPO lawsuit.
- Ford (F) expects profits to decrease in 2014.
- AMC Entertainment's (AMC) shares rise during its debut.
- Was Bitcoin's sudden drop predictable?
- Delta Airlines (DAL) will continue its ban on in-air calls, even if FAA approves in-air calls.
- AT&T (T) falls on sale of landline business in Connecticut.
Published on Dec 18, 2013By InvestorGuide Staff