Quantcast


Last updated: January 29. 2014 10:37AM - 184 Views
Associated Press



Traders work in their booth on the floor of the New York Stock Exchange Tuesday, Jan. 28, 2014. Stocks are higher in early trading on Wall Street as the stock market turns positive after three days of losses. (AP Photo/Richard Drew)
Traders work in their booth on the floor of the New York Stock Exchange Tuesday, Jan. 28, 2014. Stocks are higher in early trading on Wall Street as the stock market turns positive after three days of losses. (AP Photo/Richard Drew)
Story Tools:

Font Size:

Social Media:

(AP) Stocks were lower in early trading Wednesday as investors assessed the latest company earnings reports and awaited news from the Federal Reserve, which wraps up its two-day policy meeting later in the day.


KEEPING SCORE: The Dow Jones industrial average fell 111 points, or 0.7 percent, to 15,817 in the first half-hour of trading. The Standard & Poor's 500 index lost 11 points, or 0.6 percent, to 1,781. The Nasdaq composite fell 26 points, or 0.7 percent, to 4,070.


FED DAY: The Federal Reserve wraps up a two-day policy meeting and is expected to announce that it will continue to reduce, or "taper," its bond purchases to $65 billion a month from $75 billion a month. The policy is intended to hold down long-term interest rates and stimulate the economy by encouraging borrowing and hiring.


"The common thought is that the Fed is to continue its tapering at $10 billion," said Joe Bell, a senior equity analyst at Schaeffer's Investment Research.


NOT GOOGLE: Yahoo fell $2.48, or 7 percent, to $35.75 after the company reported a drop in fourth-quarter revenue late Tuesday, highlighting the company's trouble in bringing in online advertising dollars. The internet company reported a 6 percent decline in revenue, the same rate of decline for all of 2013.


PLANE DISAPPOINTEMENT: Boeing fell $6.09, or 4.4 percent, to $131 after the plane maker said that 2014 revenue and profit would be lower than analysts have been expecting as the pace of orders slows.


PHONING IT IN: AT&T, the nation's biggest telecommunications company, fell $1.52, or 4.5 percent, to $32.14 after its outlook for the year disappointed investors. The phone company said its forecast "assumes no lift from the economy," and predicted earnings to be in the mid-single digit range.


TREASURYS AND COMMODITIES: Bond prices rose. The yield on the 10-year Treasury note fell to 2.72 percent from 2.75 percent. The price of oil fell 44 cents to $96.99 a barrel. Gold rose $16.40, or 1.3 percent, to $1,267 an ounce.


Associated Press
Comments
comments powered by Disqus



Featured Businesses


Poll



Info Minute



Gas Prices

Wilkes-Barre Gas Prices provided by GasBuddy.com