Arab Today, arab today wall street mixed after fed\s new stimulus plan
Last Updated : GMT 03:42:53
Arab Today, arab today
Arab Today, arab today

Wall Street mixed after Fed\'s new stimulus plan

Arab Today, arab today

Arab Today, arab today Wall Street mixed after Fed\'s new stimulus plan

New York - XINHUA

U.S. stocks closed mixed on Wednesday despite the Federal Reserve triggered a new round of stimulus plan. The Dow Jones Industrial Average lost 2.99 points, or 0.02 percent to close at 13,245.45. The S&P 500 Index edged up 0.64 points, or 0.04 percent to close at 1,428.48. The Nasdaq Composite Index dropped 8.49 points, or 0.28 percent to settle at 3,013.81. The Federal Open Market Committee said on Wednesday that the Fed will buy 40 billion dollars mortgage-bond every month and 45 billion dollars Treasury every month after the expiration of Operation Twist, which was boosted last year to supply liquidity. Despite the boosting plan, the market increased only for an hour and then went down. The volume kept comparatively light after the news. Stephen J. Guilfoyle, U.S. Economist from Meridian Equity Partners told Xinhua that the new round of Quantitative Easing plan was not a surprise. Meanwhile, the Fed forecast Wednesday that U.S. gross domestic product will expand 2.3 percent to 3 percent for 2013. For 2014, the reading will be from 3 percent to 3.5 percent, versus 3 percent to 3.8 percent in the previous projection. The ongoing \"fiscal cliff\" negotiation continued to worry investors on Wednesday. Some analysts believed that it won\'t be resolved until the final minute of this year. White House spokesman Jay Carney said the president continues to believe a deal to avert the fiscal cliff is possible by the end of the year. But Carney said Republican leaders have given \"no indication\" that they would agree to higher taxes for the wealthiest 2 percent. On the corporate news, Warren Buffet\'s Berkshire Hathaway bought back 9,200 of its Class A shares at 131,000 dollars per share. Apple went through a bumpy session on Wednesday, closing lower as investors still doubted the iphone marker\'s business prospect. The online video site Netflix soared after Morgan Stanley increased its price target to 105 dollars from 80 dollars per share, and maintained \"buy\" rating on this stock. On the economic front, the U.S. Labor Department reported the import prices dropped 0.9 percent in November, marking the biggest fall in 5 months, as food and energy cost slipped. On other markets, the dollar dropped against most major rivals on Wednesday after the Fed announced additional monetary easing policy. The gold and oil climbed as the dollar weakened.

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