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Stocks don’t like what the Fed is doing


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End the session sharply lower

The Fed tightened. They lowered the 2019 hike projection to 2 from 3. Fed’s Powell said they would continue to roll off the maturing bonds on the balance sheet and that combination was not liked by the market.  I am sure Pres. Trump will not like it either especially with the reaction from the major stock indices which are ending the day with steep declines.
The final numbers:

  • S&P index fell -39.20 points or -1.54% at 2506.96. The high reached 2585.29. The low extended to 2488.96
  • The Nasdaq fell -147.08 points or -2.17% at 6636.82. The high reached 6868.85. The low extended to 6586.50
  • The Dow fell -351 points or -1.49% at 23323. The high reached 24057. The low extended to 23162.

Some of the bigger loser on the day included:

  • Micron, -7.92%.  Earnings and projections were poor yesterday
  • Facebook, -7.25%.  More data problems for the beleaguered company.
  • Nvidia, -5.74%
  • Intel, -4.55%
  • Amazon, -3.64%
  • Apple, -3.12%
  • Nike, -3.11%
  • Walgreens, -2.90%
  • Alibaba, -2.61%
  • Boeing, -2.57%
  • MasterCard -2.35%
  • 3M, -2.32%
  • American Express, -2.25%
  • Johnson & Johnson, -2.17%
  • Cisco, -2.09%

Gainers today:

  • GE, +5.36%
  • Chubb, , +0.67%
  • Verizon, +0.34%
  • Daimler, +0.27%
  • ATT, + 0.27%
  • Athenahealth, +0.21%
  • GM, was 0.11%

For the month, the declines are certainly not reminiscent of a Santa Claus rally:

  • S&P, -9.17%
  • Nasdaq, -9.46%
  • Dow, -8.67%

Finally, as the year heads into the close (just 12 calendar days away – less trading days),the major indices are all in the red:

  • S&P index, -6.23%
  • NASDAQ, -3.86%
  • Dow, -5.65%

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