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Bank of America Corporation Message Board

  • cchaker cchaker Feb 21, 2013 2:46 PM Flag

    How the FOMC Sent the Dow Sliding

    Given the upward momentum of stocks so far this year, it seems crazy when the Dow Jones Industrial Average (DJINDICES: ^DJI ) has a bad day -- yet here we are. As of 2:15 p.m. EST, the index has fallen 88 points, or 0.63%, with all but five of the 30 Dow stocks in the red and a number seeing significant losses. It's not a big announcement or an earnings shock that's taking down the markets today, however. Rather, investors fear the pullback of stimulus dollars. Let's catch up on the details. Quantitative-easing worries don't ease up
    The Federal Open Market Committee released its minutes for its most recent meeting, and investors were not pleased. Several members of the committee mentioned possibly adjusting the asset purchases of ongoing economic-stimulus efforts, believing the economy is picking up steam. Unfortunately, the last thing Wall Street wants to see is the money spigot being turned off. Some investors waiting for a pullback in the bull market found their buying opportunity today. Even the hint of a possible reduction of stimulus has hit financials hard. Bank of America (NYSE: BAC ) is leading all Dow laggards down, having lost 3.6% so far today. While some Wall Street sources considered the scaling-back of stimulus proof of the FOMC's belief in the economy's recovery, any actual pullback of easing will hamper the momentum B of A and fellow financial stocks have picked up recently. Bank of America has soared in the QE climate, gaining more than 44% over the past six months

 
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