U.S. stocks declined
amid mixed earnings reports and data that renewed concern on the
strength of the global economy as the Federal Reserve began a two-day
monetary policy meeting.
A rally in equities
has tapped the brakes as investors await the latest from the Fed. Policy
makers kept interest rates near zero last month, opting to hold off for
a better read on the impact of weaker growth in China and lackluster
inflation. Central bankers in Europe and China last week signaled
commitment to bolstering their economies, which helped the Standard
& Poor’s 500 Index erase a loss for the year.
The S&P 500 fell
0.3 percent to 2,065.98 at 4 p.m. in New York, after briefly slipping
below its average price during the past 200 days.
International Business
Machines Corp. fell 4.4 percent to a five-year low. The company
disclosed today that regulators are investigating its accounting
treatment of certain transactions in the U.S., the U.K. and Ireland.
Some 43 S&P 500
companies report earnings today, with analysts projecting profits for
index members dropped 6.1 percent in the third quarter. Of the companies
that have released results this season, 74 percent have exceeded profit
projections, while 57 percent missed sales estimates.
Source : Bloomberg
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