FOMC stands firm, stocks don't

Wed, 19 Jun 2013 21:23:27 GMT

Stocks were quiet in the morning ahead of the announcement of the Federal Open Market Committee's policy and rate decisions, falling slightly after the release and picking up speed after Chairman Ben Bernanke's news conference. The FOMC kept interest rates unchanged and its bond-buying program intact, with Chairman Bernanke indicating that tapering of the bond-buying program might begin at the end of this year and cease altogether by mid-2014 but only if the economy keeps improving as the Fed expects.

The Dow fell 206 points, with all 30 components retreating; the S&P 500 lost 22; and the Nasdaq was down 38. Decliners led advancers by 11 to 2 on the NYSE and 8 to 3 on the Nasdaq. The prices of Treasuries weakened. Gold futures rose $7.10 to settle at $1,374 an ounce, and the price of crude oil fell 19 cents to settle at $98.48 a barrel.

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FOMC stands firm, stocks don't