Markets take a breather on Fed comments and fiscal cliff fears $DXc1
- Published: 13 December 2012
- Markets were choppy overnight giving back the session's gains as fiscal cliff fears and comments from the Federal Reserve tempered markets
- Although the Fed's announcement to continue their quantitative easing policy was expected by the market, their announcement of unemployment and inflation parameters were seen as a negative by the market
- Leading the gains on the S&P500 were telco stocks while tech stocks lagged
- Netflix led the S&P500 higher after a broker upgrade from Morgan Stanley. As a result of the higher price target the stock rallied 5.40% to close at $90.73
- Chemical giant Du Pont rallied 1.40% to close at $44.30 per share after it announced a $1 Billion buyback program also raised its 2012 forecast
- Apple closed down 0.44% after Sterne Agee trimmed their earnings estimates
- DOW -0.02%, S&P500 +0.04% and NASDAQ -0.28%
- USD was weaker against all majors expect the JPY. AUD now well above 1.0500
- Gold firmed 0.3% on QE news while Crude rose 1.3% on perceived higher demand
