U.S. stocks end flat as Fed rally cools; Dow slips 0.01%
Published Dec 27, 2013 04:26PM ET
At the close of U.S. trading, the Dow Jones Industrial Average fell 0.01%, the S&P 500 index fell 0.03%, while the Nasdaq Composite index fell 0.25%.
Stocks repeatedly hit record highs after the Federal Reserve last week announced plans to begin scaling down its monthly bond-buying program.
Profit-taking sent prices edging lower on Friday, especially amid concerns that a gradual tapering of Federal Reserve stimulus programs will result in borrowing costs inching up down the road.
Still, expectations for a more robust economy in 2014 sent prices rising in recent days before hitting levels ripe for profit taking on Friday.
On Thursday, the U.S. Department of Labor reported that the number of individuals filing for initial jobless benefits declined by 42,000 to a seasonally adjusted 338,000 last week.
Analysts were expecting U.S. jobless claims to fall by 35,000 to 345,000 from the previous week’s revised total of 380,000, which was the highest since March.
Leading Dow Jones Industrial Average performers included Cisco, up 1.03%, 3M, up 0.76%, and Exxon Mobil, up 0.58%.
The Dow Jones Industrial Average's worst performers included Boeing, down 0.99%, Microsoft, down 0.41%, and Intel, down 0.37%.
European indices, meanwhile, finished higher.
After the close of European trade, the EURO STOXX 50 rose 1.16%, France's CAC 40 rose 1.40%, while Germany's DAX 30 rose 1.06%. Meanwhile, in the U.K. the FTSE 100 finished up 0.85%.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.