The big swings in the market today were not due to QE3 rumors, but caused by what seems to be a technology glitch by trading firm Knight Capital, with over 150 NYSE stocks experiencing price swings on abnormal volume levels. Outside of the unusual price swings, the broad markets plunged lower immediately following the Federal Reserve's statement that no stimulus would be coming after it completed its two-day policy meeting. While economic data being released is disappointing, the Fed will delay taking further action and re-address the economy during their next meeting in mid-September.
Dow Jones Industrial Average
Source: Yahoo! Finance 2:15 p.m. EDT.
We are more than halfway through the second-quarter-earnings releases, and at the start of this week 67% of the companies in the S&P 500 reported earnings better than analysts expected (according to S&P Capital IQ). However, the bad news is that even though estimates are higher than expected, only four of the 10 sectors are expected to show positive growth during the second quarter.
With energy being one of the negative growth sectors, Phillips 66
Outside the earnings realm, Facebook's
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