This Day On The Street
Continue to site
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

Dow Falls as FOMC Minutes Reveal Possible Rate Hike, U.S. Steel Sinks

NEW YORK (TheStreet) -- U.S. stocks fell Wednesday after Federal Reserve minutes revealed that members debated raising interest rates.

  • The S&P 500 closed 0.65% lower at 1,828.75, while the Dow Jones Industrial Average dropped 0.56% to 16,040.56. The Nasdaq slid 0.82% to 4,237.95.
  • Minutes of the Federal Reserve's Jan. 29 meeting indicated that the central bank is closer to getting rid of its jobless rate threshold of 6.5% with discussions about the replacement for this guidance approach still under way. The minutes also indicated "a few" participants considering the need to raise the benchmark interest rate as unemployment falls.
  • The IMF warns that protracted emerging market troubles and the eurozone's ongoing deflationary conditions are putting the global economy at risk, adding to jitters about the mounting political unrest in the Ukraine.
  • Construction of new U.S. homes dived 16% in January to an annual rate of 880,000, the biggest fall since February 2011, according to government data on Wednesday. Expectations were for 950,000 housing starts. Poor weather was blamed for sluggish construction.
  • United States Steel (X - Get Report) was the worst decliner in the S&P 500, retreating 7% to $24.86 along with other steelmakers after the Department of Commerce chose not to impose tariffs on South Korean steel pipes.
  • Comcast (CMCSA - Get Report) was among the most actively traded stocks Wednesday, losing 3.7% to $51.57 as Bloomberg reported that Comcast is planning its first bond sale after agreeing to buy Time Warner Cable Inc. (TWC) for $45.2 billion in stock last week.
  • Nabors Industries (NBR - Get Report), the biggest gainer in the S&P, jumped 13.3% to $21.15 on the company's report Tuesday following the market close a better-than-expected fourth quarter, reflecting momentum in its international operations and a more favorable outlook for our U.S. drilling operations.
  • Garmin (GRMN - Get Report) was another top advancer, surging 9.6% to $51.68 after booking stronger-than-forecast quarterly earnings that were bolstered by its aviation and fitness revenues.
  • CF Industries (CF - Get Report) added 5.1% to $237.62 after the company's fourth-quarter earnings and revenue beat analysts' expectations.
  • The producer price index rose 0.2% in January under the government's new formula for wholesale inflation. Over the past year, wholesale prices have risen 1.2%, the highest level in three months. The Labor Department has overhauled the producer price index for the first time since 1978 to reflect the larger portion of the economy represented by retail, finance, education and health services.

-- Written by Andrea Tse, Jane Searle and Joe Deaux in New York

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
CMCSA $61.59 0.31%
CF $45.11 -0.57%
GRMN $37.48 -1.21%
NBR $10.24 -1.35%
X $8.08 -1.82%


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs