Stocks Waver Ahead of Fed Minutes 10/08 12:23
U.S. stocks are wavering between small gains and losses in midday trading
Thursday as investors wait for the release of the minutes from the Federal
Reserve's latest meeting. The market is coming off a weeklong advance.
NEW YORK (AP) -- U.S. stocks are wavering between small gains and losses in
midday trading Thursday as investors wait for the release of the minutes from
the Federal Reserve's latest meeting. The market is coming off a weeklong
KEEPING SCORE: The Dow Jones industrial average was up 22 points, or 0.1
percent, to 16,934 as of 12:27 p.m. Eastern. The Standard & Poor's 500 index
lost a point to 1,994 and the Nasdaq composite fell 38 points, or 0.8 percent,
FED WATCH: While the minutes from the Federal Reserve's regular policy
meetings can be a ho-hum affair, the mood is different this time. In September,
the Fed decided to hold off raising interest rates citing concerns about the
global economy. That decision caught many people off guard. Investors are going
to be looking for any clues as to whether the Fed will do the same this month,
or even in December.
"We want to see which people on the Fed wanted a rate hike and those who
wanted to hold off," said Quincy Krosby, a market strategist with Prudential
STOP-PRO: Camera maker GoPro sank $1.83, or 6 percent, to $27.50, after
Morgan Stanley drastically cut its price target on the company, citing weak
demand for GoPro's most recent products. GoPro's stock has been in free-fall
for weeks and it's coming close to dipping below its initial public offering
price of two years ago.
DEAL WATCH: Cloud computing and data storage company EMC added $1.31, or 5
percent, to $27.27 after The Wall Street Journal reported that Dell, the PC
maker, and a private equity firm are in advance talks to buy it.
WRITEDOWNS: Deutsche Bank fell 60 cents, or 2 percent, to $28.18 after the
bank said it would take $6.5 billion in writedowns for its corporate and
investment banking divisions.
ENERGY: Benchmark U.S. crude rose $1.58 to $49.38 a barrel on the New York
Mercantile Exchange. Brent Crude, which is used to price international oils,
climbed $1.63 to $53.40 a barrel in London.
BONDS, CURRENCIES: U.S. government bond prices edged lower. The yield on the
10-year Treasury note rose to 2.08 percent. The euro rose to $1.1285 while the
dollar was little changed at 119.92 yen.