Posted on 10/19/2011 2:55:43 PM PDT by Signalman
NEW YORK (CNNMoney) -- U.S. stocks closed lower Wednesday, after the Federal Reserve released a pessimistic report on regional economic activity.
The Dow Jones industrial average (INDU) closed down 72 points, or 0.6%. The S&P 500 (SPX) shed 15 points, or 1.3%. The Nasdaq composite (COMP) lost 53 points, or 2%.
The three "E"s -- the economy, Europe, and earnings -- continue to dominate. But with few reports of consequence out of Europe, investors had been focusing on the latest earnings reports, keeping stocks mostly near the breakeven line for much of the day.
But stocks took a hit in the afternoon after the Fed's "Beige Book" painted a picture of an economy that's losing steam. The report made caused investors nervous.
"The market has so been so extraordinarily whippy that people don't like to play in that environment," said Peter Boockvar, equity strategist at Miller Tabak + Co. "It's too dizzying."
Apple's earnings miss dragged the tech sector lower, while insurer Travelers was among the few standouts, giving investors hope for the insurance industry's prospects.
(Excerpt) Read more at money.cnn.com ...
Master 0bama is pleased.
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