U.S. stocks fell, following the biggest drop since November for the Standard & Poor’s 500 Index, after Federal Reserve minutes yesterday showed policy makers backed more flexibility in stimulus.
The S&P 500 (SPX) fell 0.4 percent to 1,506.01 at 9:32 a.m. in New York. The benchmark index lost 1.2 percent yesterday amid concern that the Fed will scale back economic stimulus.
The timeliness of the Fed’s comments coming out took a little bit of the excess out of the stock market,” Tim Hartzell, who helps manage about $400 million as chief investment officer at Sequent Asset Management in Houston, said in a phone interview. “Equities really had gotten ahead of itself with just the belief that there’s always going to be $85 billion come into the market from the Fed.”
Several participants at the Federal Open Market Committee’s Jan. 29-30 meeting “emphasized that the committee should be prepared to vary the pace of asset purchases, either in response to changes in the economic outlook or as its evaluation of the efficacy and costs of such purchases evolved,” according to the minutes of the gathering released yesterday.
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The S&P 500 (SPX) fell 0.4 percent to 1,506.01 at 9:32 a.m. in New York. The benchmark index lost 1.2 percent yesterday amid concern that the Fed will scale back economic stimulus.
The timeliness of the Fed’s comments coming out took a little bit of the excess out of the stock market,” Tim Hartzell, who helps manage about $400 million as chief investment officer at Sequent Asset Management in Houston, said in a phone interview. “Equities really had gotten ahead of itself with just the belief that there’s always going to be $85 billion come into the market from the Fed.”
Several participants at the Federal Open Market Committee’s Jan. 29-30 meeting “emphasized that the committee should be prepared to vary the pace of asset purchases, either in response to changes in the economic outlook or as its evaluation of the efficacy and costs of such purchases evolved,” according to the minutes of the gathering released yesterday.
For more Information Plz log on to www.rpshares.com
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