Fed Turns Pessimistic, Dollar falls, Stocks Down
The FOMC minutes revealed a pessimistic Fed who expect deepening unemployment and a slower recovery than many forecast. Stocks reacted by selling off hard after the minutes were released closing in negative territory across the board. The USD reacted in similar fashion dropping quickly against the Euro. The DJIA gave back -52.81 to 8422.04, the Nasdaq lost -6.70 to 1727.84 and the S&P 500 dropped -4.66 to 903.47.
National Oilwell Varco
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PowerRating) – Rallied on the back of crude oil spiking higher lifting oil companies. Shares climbed 4.16% or $1.46 to $36.53.
Hertz Global
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PowerRating) – The rental car company led the Russell 1000 lower falling 16.95% or $1.38 to $6.76/share after announcing it will issue $40 million more in stock.
Target
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PowerRating) – The retailer climbed 2.38% or $1.00 to $42.94/share after beating analyst’s estimates by 16%.
McDonald’s
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PowerRating) – Obtained an upgrade from Deutsche Bank triggering shares to rally 4.42% or $2.38 to $56.26/share.
Oil climbed $1.94 to $61.77, Gold soared $10.70 to $937.40 and the VIX index added 0.76% to 29.02.
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