Markets weaken on Federal Reserve policy minutes $GM.xnys
- Published: 30 April 2012
- US markets were weaker overnight as the release of the Federal Reserve policy minutes indicated that the Fed is less unwilling to provide further quantitative easing. The Fed also noted concerns over a potential global slowdown and the persistently high unemployment rate
- Factory Bookings rose 1.3% for the month of February up from January's 1.1% decline. However it fell short of economists estimates of a 1.5% gain
- Markets reacted negatively to the Fed news with all S&P sectors falling lower. The losses were led by energy and financial stocks
- General Motors fell 4.56% as gains in US car sales fell short of expectations
- Brewing giant Molson Coors fell 5% after it agreed to buy fellow brewer StarBev LP for EUR2.65 Billion so as to gain a foothold in Europe
- Leading the losses on the Dow was BAC, HPQ, XOM and CSCO each falling 1.96%, 1.80%, 1.42% and 1.37% respectively
- DOW –0.49%, S&P500 –0.40% and NASDAQ –0.20%
- USD rallied to a week long high against the EUR, the AUD traded below 1.03
- Gold fell on news that QE3 is less likely and Oil fell on weaker factory orders
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