Fed Cuts Stimulus by Another $10 Billion, Reduces U.S. Economic Growth Forecast
The S&P 500 closed at a record high today, nearly reaching 2,000, while Nasdaq closed at a 2014 high. The Dow Jones also ended the day in the green. The Federal Reserve met today and reduced its forecast for U.S. economic growth in 2014. The Fed still does believe that the unemployment rate will continue to fall and end lower than previously estimated. Also, the Fed cut its monthly Treasury Bond and mortgage-backed purchases by $10 billion, reducing the monthly spending from $45 billion to $35 billion. Amazon (AMZN) unveiled its much anticipated Fire Phone today, it will include a free year of Amazon Prime membership and is available for pre-order now but will not be released until June 25th.
Word on the Street
- Fed cuts stimulus by an additional $10 billion.
- Multiple senators propose a 12-cent gas tax increase.
- Fed lowers 2014 economic growth forecast.
- Amazon (AMZN) unveils its Fire Phone.
- Companies with the highest paid CEOs are bad for investors.
- SolarCity (SCTY) up on acquisition of solar panel manufacturer.
Published on Jun 18, 2014By InvestorGuide Staff