Stocks Mixed as Fed Tapering Looms
NEW YORK ( TheStreet) -- Major U.S. stock markets closed mixed on Wednesday after minutes from the Federal Reserve's June meeting indicated that several policymakers were cozying to the plan of reducing the central bank's asset purchase program.
The minutes said that the committee once again discussed strategies for the gradual normalization of its monetary policy stance and the size and composition of the Fed's balance sheet, with about half advocating an end to purchases in late 2013, which supports the view that tapering could begin this year. However, while most participants said these discussions were a good idea for longer-term planning, "some felt that the discussion was premature" as they needed even more reinforcing evidence that the labor market was truly back on its feet.
"It's not a done deal and there is still July/August labor market data," said Tanweer Akram, senior economist at ING Investment Management. "Provided those are decent numbers around 175,000 to 200,000
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV