Stocks break 4-day rally after Fed minutes

  @CNNMoneyInvest July 10, 2013: 4:35 PM ET
u.s. stocks, dow

Click the chart for more stock market data.

NEW YORK (CNNMoney)

The Federal Reserve was back in the limelight Wednesday but there was little new news.

The minutes from the Fed's June meeting showed many of the 12 Fed voting officials said they need to see further improvement in the job market before they'd be willing to gradually start winding down the stimulus program.

U.S. stocks initially bounced but returned to the breakeven line soon after as investors realized the comments were closely in line with Fed chairman Ben Bernanke's announcement last month.

The Dow Jones industrial average slipped 0.1%, the S&P 500 finished flat and the Nasdaq gained 0.5%.

"The minutes didn't say anything that different from before," said Joe Saluzzie, co-head of equity trading at Themis Trading.

Last month, Bernanke said the Fed may begin pulling back on its bond purchases later this year, and wind down the program entirely by mid-2014, if the economy improves in line with its expectations.

Click here for more on stocks, bonds, commodities and currencies

Investors will be looking for more clarity from Bernanke, who is on tap to speak before the National Bureau of Economic Research in Cambridge, Mass., after the markets close.

Related: Stock market outlook: The bull looks tired

What's moving: Corporate earnings, which started coming in this week, are also in focus. U.S. stocks have been moving higher over the past few trading sessions on underlying optimism about second-quarter earnings results. That's put the major stock indexes back in sight of all-time highs set in late May.

Family Dollar (FDO, Fortune 500) shares climbed sharply Wednesday after reporting a better-than-expected profit and a 10% jump in sales. More company results are due Wednesday, with restaurant operator Yum! Brands (YUM, Fortune 500) set to report after the close.

Family Dollar: Consumers still frugal

Overall, quarterly earnings for companies in the S&P 500 are expected to grow 0.8% versus last year, according to FactSet.

Related: Fear & Greed Index idling in neutral

Meanwhile, shares of Cliffs Natural Resources (CLF, Fortune 500)were higher after the mining company announced that Joseph Carrabba is stepping down as chairman and will retire from his CEO post at the end of the year.

Hewlett-Packard (HPQ, Fortune 500) stock jumped following an upgrade from Citigroup.

Related: World's shortest work weeks

European stocks ended in the red Wednesday, but shares of the U.K.-based fashion retailer Burberry (BBRYF) bucked the trend, rising by nearly 5% after its quarterly results that beat expectations.

Asian markets ended mixed. Markets in China rallied after weaker-than-expected trade data fueled hopes that Beijing might relax monetary policy to support the economy. The Shanghai Composite index surged by 2.2%. The Hang Seng index gained 1.1%. Japan's benchmark Nikkei index moved 0.4% lower. To top of page



Join the Conversation
Markets
Sponsored by
Index Last Change % Change
Dow 16,408.54 -16.31 -0.10%
Nasdaq 4,095.52 9.29 0.23%
S&P 500 1,864.85 2.54 0.14%
Treasuries 2.72 0.08 3.19%
Data as of 4:47am ET
Company Price Change % Change
Bank of America Corp... 16.15 0.00 0.00%
Facebook Inc 58.94 0.00 0.00%
General Electric Co 26.56 0.00 0.00%
Cisco Systems Inc 23.19 -0.02 -0.09%
Micron Technology In... 23.91 0.00 0.00%
Data as of Apr 17
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.36%4.24%
15 yr fixed3.39%3.26%
5/1 ARM3.36%3.27%
30 yr refi4.34%4.22%
15 yr refi3.38%3.24%
View rates in your area
 
Find personalized rates:
Rate data provided
by Bankrate.com
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.