Closing bell: The Fed Is All That Counts (CAG, NOK, VVUS)

Filed under: After the Bell, Major Movement, Nokia Corp. (NOK), ConAgra Foods (CAG), S and P 500, DJIA, NASDAQ

There was a blizzard of economic news today, but the only thing that really counted was the release of the notes from the The Federal Reserve Open Market Committee. The governors decided to keep rates near zero but do nothing beyond that to ease what is clearly a slowing economy. "Employers remain reluctant to add to payrolls. Housing starts are at a depressed level. Bank lending has continued to contract, but at a reduced rate in recent months."



Wall St. temporarily viewed this as news the Fed would ride to the rescue if the economy contracts. The markets traded up right after the 2:15pm announcement but sold off for the balance of the day. The financial world's faith in the Fed's future actions only lasted an hour. The markets ended nearly flat for the day.



Today's unofficial closing numbers:



Dow Jones 10,761.03 +7.41 (0.07%)

S&P 500 1,139.78 -2.93 (-0.26%)

Nasdaq 2,349.35 -6.48 (-0.28%)

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Closing bell: The Fed Is All That Counts (CAG, NOK, VVUS) originally appeared on BloggingStocks on Tue, 21 Sep 2010 16:30:00 EST. Please see our terms for use of feeds.

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ConAgra Foods - Federal Reserve System - Dow Jones Industrial Average - Nokia - Wall Street

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