Independent, Fee-Only Financial Advisor
Wednesday, June 22, 2011
U.S. stocks snapped a four-day winning streak, stumbling in late trading after the Federal Reserve issued a cautious economic outlook just days before it ends its asset-buying program. The markets started the day in negative territory, climbed to a modest gain then fell again after Fed Chairman Ben Bernanke wrapped up an afternoon news conference. In its post-meeting statement, the Fed downgraded its assessment of the U.S. economy's performance, but gave no indication it intends to take new steps to boost growth and jobs. Instead, officials said they are sticking with plans to end the purchase of $600 billion in U.S. Treasurys on June 30 and to keep short-term interest rates near zero. DJIA -80.34 Nasdaq -18.07 S&P 500 -8.38.