Stocks in Red in Late Trading
Stocks are headed for a lower finish, with all three major indexes in red in late trading. Stocks have slipped as investors digested weaker than expected fourth-quarter U.S. GDP data.
At last check, the Dow Jones was trading 0.25% lower at 13,919.98, the S&P 500 was trading 0.29% lower at 1,503.65, and the Nasdaq was trading 0.21% lower at 3,146.17.
All sectors in the S&P 500 except Consumer Non-Cyclical are currently in red. Transportation sector is leading the losses in the S&P 500 in late trading. At last check, the sector was trading 1.13% lower. Energy and Basic Materials sectors have also fallen sharply in trading today. At last check, Energy sector was down 0.60%, while Basic Materials sector was down 0.48%. Consumer Cyclical sector is currently trading 0.52% lower.
Among the major movers in late trading today are Boeing Company (NYSE: BA), which is currently trading 1.40% higher at $74.68, Amazon.com Inc. (NASDAQ: AMZN), which is currently trading 5.03% higher at $273.44, Research In Motion Limited (NASDAQ: RIMM), which is currently trading 7.66% lower at $14.46, Exxon Mobil Corp. (NYSE: XOM), which is currently trading 1.24% lower at $90.62, and Ford Motor Company (NYSE: F), which is currently trading 1.52% lower at $12.94.
The Federal Reserve, today, released its monetary policy statement following a two-day meeting. As expected, the Fed said that it will continue with its bond buying program. There had been speculation earlier this month that the Fed may end its bond buying program before the end of this year as the U.S. economy showed signs of recovery. However, the recovery is still in early stages. Meanwhile, GDP data released earlier today further provides support to Fed’s stance of continuing with the bond buying program.
European markets ended mostly lower earlier today. Asian markets ended mostly higher overnight.