News Column

Coutts-US Close: Stocks rise after Fed releases meeting minutes

May 22, 2014



ENP Newswire - 22 May 2014

Release date- 21042014 - US Close: Stocks rise after Fed releases meeting minutes.

Fed meeting minutes released - Yellen speaks on central bank's struggles - US weekly mortgage lending rises Dow Jones: 0.97% Nasdaq: 0.85% S&P 500: 0.81% US stocks ended higher after the Federal Reserve meeting minutes showed officials forecast a rebound in growth. The Fed last month decided to taper monthly bond purchases by a further $10bn to $45bn, citing improvements in the economy and in the jobs market.

While the minutes from the central bank's April meeting showed no big surprises, it revealed that members discussed the need to improve their guidance on interest rates. They agreed that early communication of their exit strategy 'would enhance the clarity and credibility of monetary policy'. Fed Chair Janet Yellen today separately addressed the New York University's 2014 graduating class at the Yankee Stadium, where she compared the central bank's efforts to easing the 2008 financial crisis to the struggles of Yankee baseball legends. 'Even (Babe) Ruth, (Lou) Gehrig and (Joe) DiMaggio failed most of the time when they stepped to the plate,' Yellen said.

'Finding the right path in life, more often than not, involves some missteps.

My Federal Reserve colleagues and I experienced this as we struggled to address a financial and economic crisis that threatened the global economy.' In other US news, mortgage lending rose 0.9% in the week ended May 16th following a 3.6% increase a week earlier. On the company front, Tiffany advanced after reporting a rise in first quarter income that beat analysts' estimates. eBay slumped as it asked 145m users to change their passwords after discovering hackers stole email addresses, birthdays and other identity information between late February and early March. The US 10-year yield rose two basis points to 2.53%. Brent crude futures increased $0.715 to $110.480 per barrel, according to the ICE. RD S&P 500 - Risers Lorillard Inc.

(LO) $62.63 +10.40% Tiffany & Co.

(TIF) $96.30 +9.15% Netflix Inc.

(NFLX) $390.60 +5.09% TJX Companies Inc.

(TJX) $56.60 +4.91% Reynolds American Inc.

(RAI) $59.77 +4.38% CBS Corp.

(CBS) $59.02 +3.38% Best Buy Co.

Inc.

(BBY) $25.35 +2.80% Amazon.Com Inc.

(AMZN) $305.01 +2.78% Mastercard Inc.

(MA) $75.63 +2.69% TripAdvisor Inc.

(TRIP) $88.16 +2.67% S&P 500 - Fallers Sears Holdings Corp.

(SHLD) $36.56 -7.75% Frontier Communications Co.

(FTR) $5.60 -5.88% Salesforce.Com Inc.

(CRM) $50.19 -5.10% Dollar Tree Inc (DLTR) $50.00 -3.88% Hormel Foods Corp.

(HRL) $47.14 -2.86% Bed Bath & Beyond Inc.

(BBBY) $61.02 -2.21% Tyson Foods Inc.

(TSN) $39.78 -2.12% AES Corp.

(AES) $13.58 -1.81% Ross Stores Inc.

(ROST) $68.08 -1.63% Costco Wholesale Corp.

(COST) $114.52 -1.59% Dow Jones I.A - Risers Goldman Sachs Group Inc.

(GS) $159.35 +1.92% Microsoft Corp.

(MSFT) $40.35 +1.69% United Technologies Corp.

(UTX) $114.84 +1.54% Unitedhealth Group Inc.

(UNH) $77.72 +1.38% Walt Disney Co.

(DIS) $82.19 +1.36% Chevron Corp.

(CVX) $124.16 +1.36% Exxon Mobil Corp.

(XOM) $102.03 +1.35% Caterpillar Inc.

(CAT) $102.88 +1.30% Nike Inc.

(NKE) $74.21 +1.30% Pfizer Inc.

(PFE) $29.57 +1.09% Dow Jones I.A - Fallers AT&T Inc.

(T) $35.27 -0.65% Wal-Mart Stores Inc.

(WMT) $75.66 -0.04% Nasdaq 100 - Risers Netflix Inc.

(NFLX) $390.60 +5.09% Baidu Inc.

(BIDU) $163.97 +4.01% Liberty Global plc Series A (LBTYA) $45.27 +3.03% Amazon.Com Inc.

(AMZN) $305.01 +2.78% TripAdvisor Inc.

(TRIP) $88.16 +2.67% Vertex Pharmaceuticals Inc.

(VRTX) $67.15 +2.53% Catamaran Corp (CTRX) $43.82 +2.43% Priceline Group Inc (PCLN) $1,177.44 +2.36% Wynn Resorts Ltd.

(WYNN) $204.85 +2.32% Facebook Inc.

(FB) $60.49 +2.16% Nasdaq 100 - Fallers Dollar Tree Inc (DLTR) $50.00 -3.88% Dish Network Corp.

(DISH) $57.64 -2.90% Bed Bath & Beyond Inc.

(BBBY) $61.02 -2.21% Ross Stores Inc.

(ROST) $68.08 -1.63% Costco Wholesale Corp.

(COST) $114.52 -1.59% Expeditors International Of Washington Inc.

(EXPD) $45.45 -1.58% Fastenal Co.

(FAST) $48.09 -1.27% Analog Devices Inc.

(ADI) $51.33 -1.25% Intuitive Surgical Inc.

(ISRG) $366.33 -1.24% Autodesk Inc.

(ADSK) $50.92 -1.22%


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Source: ENP Newswire


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