Chicago Sun-Times

Stocks strug­gle af­ter Fed gives mar­ket ‘bunch of noth­ing’

- Business · Finance · Wall Street · S&P 500 · US Stock Markets · Americas Stock Markets · Stocks & Markets · Financial Markets · Federal Reserve System · Amazon · Facebook · Apple Inc · Jerome Powell · New York City · TD Ameritrade Holding · Holtzbrinck Publishing Group

An­other slide in tech­nol­ogy com­pa­nies helped pull stocks lower on Wall Street Thurs­day, ex­tend­ing losses from the day be­fore.

The S&P 500 lost 0.8% af­ter hav­ing been down 1.7% ear­lier. The sell­ing was wide­spread, with eight of the 11 sec­tors that make up the benchmark in­dex end­ing the day lower. The sec­tors that in­clude Ama­zon, Facebook and Ap­ple took the heav­i­est losses.

The sell­ing came a day af­ter the Fed­eral Re­serve said it will keep in­ter­est rates at nearly zero for years to sup­port the wheez­ing econ­omy. The state­ment failed to en­cour­age Wall Street and the S&P 500 recorded its first loss in four days Wed­nes­day.

Low in­ter­est rates are usu­ally a boon for in­vestors, send­ing stocks soaring. So why the sell-off ? An­a­lysts gave vary­ing rea­sons for the mar­ket’s weak­ness. Among them: the gloomy out­look Fed Chair Jerome Pow­ell gave for the econ­omy’s prospects and built-up ex­pec­ta­tions by some that the Fed would be even more gen­er­ous with its stim­u­lus.

“The mar­ket re­ally got a bunch of noth­ing from the Fed,” said Shawn Cruz, se­nior mar­ket strate­gist at TD Amer­i­trade. “Maybe that would be OK if we were con­tin­u­ing along with the re­cov­ery, but the re­cov­ery is start­ing to de­cel­er­ate.”

Macmil­lan CEO forced out over ‘di­rec­tion’ of com­pany

NEW YORK — Macmil­lan’s long­time CEO, John Sar­gent, will be leav­ing at the end of the year, forced out by what par­ent com­pany Holtzbrinc­k Pub­lish­ing Group is call­ing “a dis­agree­ment re­gard­ing the di­rec­tion of Macmil­lan.”

Macmil­lan spokesper­son Erin Cof­fey told The As­so­ci­ated Press on Thurs­day that Sar­gent’s de­par­ture was the de­ci­sion of Ste­fan von Holtzbrinc­k, CEO of the Holtzbrinc­k group, which de­clined to spec­ify the dis­agree­ment. Sar­gent, who joined Macmil­lan in 1996, de­clined com­ment.

Macmil­lan em­ploy­ees ex­pressed sur­prise and dis­may over Thurs­day’s news, say­ing they had not sensed any ten­sion be­tween Sar­gent and Holtzbrinc­k.

Newspapers in English

Newspapers from USA