Mid-Afternoon Market Update: Bernanke Press Conference Leads to Drop in the Markets
Toward the end of trading Wednesday, the Dow traded down 0.13 percent to 13,231.78 while the NASDAQ fell 0.38 percent to 3,010.22. The S&P also fell, decreasing 0.04 percent to 1,427.24.
In the spotlight today is the FOMC statement and rate decision at 12:30pm EST. Meeting street expectations, the fed will continue its quantitative easing, with a target unemployment of 6.5 percent.
Equities Trading UP
Quicksilver Resources (NYSE: KWK) rallied early in the day but consolidated its gain, remaining up 1.49 percent to $2.72, possibly on a technical rally.
Shares of IO (NYSE: IO) were also up, gaining 3.64 percent to $6.25 following an initiation at Dougherty & Company at a Buy and an $8.50 price target.
Seabridge Gold (NYSE: SA) was up as rell, rising 8.90 percent to $17.57 following its announcement of a new $15 million drill campaign.
Equities Trading DOWN
Cobalt International Energy (NYSE: CIE) dropped 7.80 percent at the open to $25.31 after the company priced its offering of $1.2 billion in senior notes Wednesday morning.
Incyte Corporation (NASDAQ: INCY) slid as well, trading down 6.84 percent to $16.62 after it was announced that Gilead Biosciences would be acquiring YM Biosciences for $510 million in cash.
Shares of Charles River Laboratories (NYSE: CRL) fell 9.06 percent to $35.74 after the company reaffirmed its guidance that fell below analyst estimates.
In commodity news, oil traded up 1.32 percent to $86.92, while gold traded up 1.02 percent to $1,725.70.
Silver traded up 0.51 percent Wednesday to $33.45.
Early this morning, European markets saw a boost linked to hopes that the United States Federal Reserve would continue its easing. The rally was lead by the Spanish Ibex, but closely followed by the Italian MIB Index.
In economic news, the import price index came in at -1.6 percent, below the expected -1.0 percent and well below the prior figure of 0.40 percent.
The federal budget balance was also announced, with the fed guiding 2012 GDP growth at 1.7-1.8 percent, and 2013 GDP growth at 2.3-3.0 percent. The fed also released guidance for unemployment, setting 2012 rates at 7.8-7.9 percent, and 2013 rates at 7.4-7.7 percent.
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