End the session sharply lower
The Fed tightened. They lowered the 2019 hike projection to 2 from 3. Fed's Powell said they would continue to roll off the maturing bonds on the balance sheet and that combination was not liked by the market. I am sure Pres. Trump will not like it either especially with the reaction from the major stock indices which are ending the day with steep declines.
The final numbers:
- S&P index fell -39.20 points or -1.54% at 2506.96. The high reached 2585.29. The low extended to 2488.96
- The Nasdaq fell -147.08 points or -2.17% at 6636.82. The high reached 6868.85. The low extended to 6586.50
- The Dow fell -351 points or -1.49% at 23323. The high reached 24057. The low extended to 23162.
Some of the bigger loser on the day included:
- Micron, -7.92%. Earnings and projections were poor yesterday
- Facebook, -7.25%. More data problems for the beleaguered company.
- Nvidia, -5.74%
- Intel, -4.55%
- Amazon, -3.64%
- Apple, -3.12%
- Nike, -3.11%
- Walgreens, -2.90%
- Alibaba, -2.61%
- Boeing, -2.57%
- MasterCard -2.35%
- 3M, -2.32%
- American Express, -2.25%
- Johnson & Johnson, -2.17%
- Cisco, -2.09%
Gainers today:
- GE, +5.36%
- Chubb, , +0.67%
- Verizon, +0.34%
- Daimler, +0.27%
- ATT, + 0.27%
- Athenahealth, +0.21%
- GM, was 0.11%
For the month, the declines are certainly not reminiscent of a Santa Claus rally:
- S&P, -9.17%
- Nasdaq, -9.46%
- Dow, -8.67%
Finally, as the year heads into the close (just 12 calendar days away - less trading days),the major indices are all in the red:
- S&P index, -6.23%
- NASDAQ, -3.86%
- Dow, -5.65%