Jun 19, 2014

Morning Market Report

Mixed results for local firms as the end of the financial year approaches, with a couple of big surprises.

The Market is down 19 points. The Dow Jones was up 98 points at 16,907 — The market range-traded most of the day prior to the release of the FOMC statement, then rose strongly after upbeat comments.  Consumer Staples and Materials were the strongest sectors while Consumer Discretionary, Financials and Industrials lagged. Volume was again below average in a 156 point range.

US Federal Reserve Meeting — The Fed tapered another US$10 billion per month from its asset purchase program. The Fed said rates are likely to remain low for a considerable time after quantitative easing ends and economic projections release were slightly better than earlier forecasts.

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