Salesforce Jumps on Takeover Talk; Wall Street Torn on Fed
Stocks closed lower Wednesday as investors tried to figure out when the Federal Reserve might raise interest rates.
Wall Street was torn after the Fed released their April statement. On the one hand, the central bank placated investors worried over the economic recovery, assuring that first quarter weakness was merely transitory. On the other, a June rate hike was not taken off the table. Salesforce (CRM) was a surprise winner in the afternoon. Shares surged after reports surfaced the company is working with advisors to field takeover offers. Lumber Liquidators (LL) was a laggard, tanking after reporting the DoJ is seeking criminal charges. Genworth (GNW) topped the S&P 500 after beating first-quarter earnings estimates.
