This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Asia Stocks Up As Japan Gets Boost From Weaker Yen

By PAN PYLAS

LONDON (AP) â¿¿ Any enthusiasm over another monetary stimulus from the Federal Reserve faded Thursday as investors monitored the progress of budget discussions in the U.S.

As had been widely predicted, the Fed said Wednesday it will spend $85 billion a month on bond purchases to drive down long-term borrowing costs and stimulate economic growth. The total includes the replacement of an expiring Fed program with a commitment to purchase $45 billion a month on long-term Treasurys.

Those purchases, and the Fed's renewed commitment to keep interest rates low until unemployment falls to a more normal level, are intended to spur borrowing and spending in an economy still growing only modestly since the financial crisis of 2008.

"As we've seen on numerous occasions recently, the move was already priced into the markets which meant that shortly after the initial spike, prices fell back to their previous levels as traders took profits on their positions," said Craig Erlam, market analyst at Alpari.

"Today we're seeing stocks falling again as they pare gains from the previous days, which again came in anticipation of this decision," he added.

In Europe, markets barely reacted to news that European Union finance ministers had agreed to create a banking supervisor or the expectation that Greece would finally get its hands on more bailout cash to avoid an imminent bankruptcy. The euro was down 0.2 percent at $1.3051.

The FTSE 100 index of leading British shares was down 0.3 percent at 5,930 while Germany's DAX fell 0.6 percent to 7,567. The CAC-40 in France was 0.3 percent lower at 3,636.

Wall Street was poised for a modest retreat, too, with both Dow futures and the broader S&P 500 futures down 0.2 percent.

The focus in the U.S. will likely remain on the progress of budget discussions between the White House and Congress, which must be agreed by the end of this year to avoid the so-called "fiscal cliff." Without a deal, automatic spending cuts and tax increases could push the world's largest economy back into recession.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs