logo
Sign in or Register

Already a member?

Sign in

Or sign in with your account on:

Not a member yet?

Register
    

Wall Street Scrapes Its Way Out Of The Red To End A Brutal Week

By  +Follow June 21, 2013 2:03PM
Share:
Tickers Mentioned:

After the worst day for stocks since November of 2011, Wall Street bounced back slightly on Friday to end a week that was dominated by concern about the future of the Federal Reserve’s fiscal stimulus program following Chairman Ben Bernanke’s statement on Wednesday that the central bank was planning on cutting back on quantitative easing as soon as the end of the year.

After a 2.5 percent drop on Thursday, the S&P 500 was up 0.27 percent to close the week at 1,592.43 points, while the Dow ended the day at 14,799.40 on an advance of 0.28 percent. The Nasdaq was not quite so lucky, dropping 0.22 percent to close out trading at 3,357.25 points.

While there wasn’t much economic data to give markets significant upward momentum, investors were able to hold on to a small crumb of reassurance from St. Louis Fed Reserve President James Bullard, who emerged to publicly criticize the Federal Open Market Committee’s decision to allow Bernanke to give a “more elaborate” timeline for slowing down the Fed’s $85 billion-per month in asset purchases. Economists are now forecasting the pace of purchases to be reduced to $65 billion per month by September, while the Chairman in his press conference on Wednesday said that the third round of quantitative easing would be wrapped up by mid-2014.

The S&P 500 got a great deal of support from REITs, with significant gains for Equity Residential (EQR), HCP Inc. (HCP), Avalonbay Communities Inc. (AVB), and Public Storage (PSA), all of whom advanced over 2.5 percent. Healthcare stocks enjoyed a good day as well, with drug manufacturer AbbVie Inc (ABBV), Baxter International Inc. (BAX), Cigna Corp. (CI), Bristol-Myers Squibb Company (BMY) and Medtronic Inc. (MDT) all gaining over 2.5 percent as well.

On the Dow edged up on advances of over one percent for Procter & Gamble (PG), Coca-Cola (KO), Merck & Co. (MRK), Walt Disney (DIS), and Verizon Communications (VZ). Meanwhile, the Nasdaq was held back by big losses for SIRIUS XM radio (SIRI) and Oracle Corp. (ORCL) who dropped over 9 percent on high volume after releasing its earnings report earlier in the day and announcing that it was transferring its listing from the Nasdaq to the New York Stock Exchange.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


Liked What You Read? Join Equities.com and Connect With Your Favorite Financial Experts FOR FREE! Members of Equities.com gain access to our leading financial news and content, active social investment community, proprietary research tools including the 2014 Small-Cap Stars, E.V.A. reports and more.

By  +Follow June 21, 2013 2:03PM
Share:

Comments

 

blog comments powered by Disqus

About us

Equities.com is the most advanced interactive online social ecosystem for the financial industry, serving as a resource center and next-generation communication platform that connects self-directed investors with public issuers, market experts, and professional service providers and vendors. Registered members can leverage our exclusive proprietary research tools such as the Small-Cap Stars, which outperformed 90% of all small-cap mutual funds, and robust do-it-yourself E.V.A. research reports. The Equities.com Issuer Dashboard is the ideal tool to communicate and manage investor awareness campaigns to the investment community, as well as to access valuable resources to help your company grow.

Market Data powered by QuoteMedia.
Copyright © QuoteMedia. Data delayed 15 minutes unless otherwise indicated. Terms of Use.