Markets finish near their lows $FB:xnas
- Published: 25 October 2012
- Markets weakened into the close to finish the session near their lows after a lacklustre Fed Policy announcement and continuing poor earnings and guidance saw markets lose early gains and close in negative territory
- The market was hoping for more aggressive tones from the Fed after the recent QE3 package but was disappointed when the Fed announced the continuation of its MBS buying program and commented on the gradual but continued slow pace of the US economic recovery
- Leading the losses on the S&P500 overnight were energy and utilities stocks while Cisco led the Dow lower falling by 3.5% to close at $17.38
- Facebook soared again overnight with the company rising 19.13% after revenue surged 32% to top market expectations thanks to gains in mobile usage. Adding to the positive news, four brokers upgraded the stock to a Buy
- Monster Beverage bounced off yesterdays 23% losses to close up 16.77%
- DOW –0.19%, S&P500 –0.31% and NASDAQ –0.29%
- USD was stronger against the EUR on poor German and EU PMI data
- Gold was off as inflation fears ease, Crude was down on higher inventories
