On Tuesday, the markets closed almost flat after a muted view from the Federal Reserve about the economic recovery. However, stocks were helped marginally by the positive report on retail spending.
The Dow Jones Industrial Average rose 0.4% to 11,476.54.The Standard & Poor's 500 was up 0.1% to 1,241.59.The Nasdaq Composite gained 0.1% to 2,627.72. On the New York Stock Exchange, breadth of the market was negatively biased as for every 17 stocks that fell, 13 stocks ended in the green with a consolidated volume of 957 million shares.
The Federal Reserve sketched out a cautious outlook of the economy in its last scheduled meeting of the year. The Fed stated that the economic recovery has not been strong enough to reduce the unemployment rate. The Federal Reserve also said it will continue buying bonds and intends to purchase $600 million of government bonds. This weighed heavy on the financial sector, stocks such as JP Morgan JPM was down 1.73%, Bank of America BAC slipped 1.12%, Citigroup C dropped 2.5% and Wells Fargo WFC fell 1.4%.
Some of the stocks in the healthcare sector were positively impacted by individual company news. Medical device maker C.R.Bard BCR jumped 4.1% after the company provided a strong 2011 outlook. Stocks such as Amgen AMGN and Mylan MYL sprung 4.9% and 4.3% respectively on bullish upgrades from various brokerages.
The Federal Reserve sketched out a cautious outlook of the economy in its last scheduled meeting of the year. The Fed stated that the economic recovery has not been strong enough to reduce the unemployment rate. The Federal Reserve also said it will continue buying bonds and intends to purchase $600 million of government bonds. This weighed heavy on the financial sector, stocks such as JP Morgan JPM was down 1.73%, Bank of America BAC slipped 1.12%, Citigroup C dropped 2.5% and Wells Fargo WFC fell 1.4%.
A report from the Commerce Department stated an upside in retail spending for the fifth consecutive month in November. Retail sales was up 0.8% in November which reflected higher consumer spending. Certain retail stocks that moved up include Target Corporation TGT, Macy's Inc M and Abercrombie & Fitch ANF. However, the strong report was partially offset by disappointing earnings results of key retail stock Best Buy BBY, which slumped 14.8%.
Some of the stocks in the healthcare sector were positively impacted by individual company news. Medical device maker C.R.Bard BCR jumped 4.1% after the company provided a strong 2011 outlook. Stocks such as Amgen AMGN and Mylan MYL sprung 4.9% and 4.3% respectively on bullish upgrades from various brokerages.
AMGEN INC (AMGN): Free Stock Analysis Report
ABERCROMBIE (ANF): Free Stock Analysis Report
BANK OF AMER CP (BAC): Free Stock Analysis Report
BEST BUY (BBY): Free Stock Analysis Report
BARD C R INC (BCR): Free Stock Analysis Report
CITIGROUP INC (C): Free Stock Analysis Report
JPMORGAN CHASE (JPM): Free Stock Analysis Report
MACYS INC (M): Free Stock Analysis Report
MYLAN INC (MYL): Free Stock Analysis Report
TARGET CORP (TGT): Free Stock Analysis Report
WELLS FARGO-NEW (WFC): Free Stock Analysis Report
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