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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Kkr Financial Holdings Llc | NYSE:KFN | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 11.54 | 0.00 | 01:00:00 |
By Anora Mahmudova, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks closed the volatile session lower on Tuesday as markets digested a slew of economic data and focused on the Federal Reserve's upcoming decision on the fate of the stimulus program.
Indexes attempted to break higher in the afternoon and briefly succeeded, but sold off in the last hour. Dow Jones Industrial Average (DJI) closed down nine points to 15,875.26. The S&P 500 index (SPX) closed 5 points, or 0.3% lower to 1,781.00. The benchmark index was down five days out of past six sessions. Nasdaq Composite (RIXF) was down six points, or 0.1, to 4,023.68.
Main indexes rose during the previous session buoyed by positive economic data showing improving business activity across the country.
"After a big run in recent months and a small correction last week, markets are now reflecting on the outcome of the Fed meeting," said Colin Cieszynski, senior market analyst at CMC Markets.
"Markets have priced in a 10% chance of a December taper, but most analysts do not think it will happen until early next year. Even if they decide to start the taper in December it will be modest, so the Fed can test the waters. While unemployment figures may warrant it, inflation is still below what the Fed would like it to be," he added.
Investors digested a slew of economic data to assess how and when the Fed will decide to begin reducing its $85 billion a month stimulus program, which added more than $1 trillion to its balance sheet over the past year. The Fed is expected to announce its decision on Wednesday afternoon.
Prices of consumer goods did not change from the previous months, leaving the inflation rate on the annualized base at 1.2%, still below the Fed target, making its decision to start the taper sooner rather than later more difficult. The U.S. current-account deficit narrowed to $94.8 billion in the third quarter, marking the lowest level since Fall 2009, the government said Tuesday.
* Movers and shakers
* Shares of Facebook Inc. rose 2% after The Wall Street Journal reported the social network will begin selling video advertisements later this week.
* Shares in Frontier Communications Corporation jumped 8.6% after the company announced a deal to buy AT&T's wireline residential and business services and associated assets in Connecticut in an all-cash transaction.
* Campbell Soup Co shares marched upwards today, gaining 4.5%, seemingly after Bloomberg reported that the maker of canned soups may be a target for takeover by Warren Buffett's Berkshire Hathaway.
* Boeing Co. shares rose 0.9% after the company said late Monday it would boost its quarterly dividend by 50% and its board approved $10 billion to repurchase outstanding shares, which will be added to what's left of a 2007 buyback plan.
* Shares in 3M Company rose 2.9% after the maker of Scotch tape and Post-it Notes said it was raising its quarterly dividend by 35%.
* Shares of KKR Financial Holdings jumped 30.9% after a late-Monday announcement that KKR & Co. would acquire it for $2.6 billion in an all-stock deal. Shares of KKR & Co. dropped 1.1%.
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