Thursday, June 23, 2011

Dow Jones Drops 80 Points Amid Fed Negative Comment

Wall Street recap: Dow Jones drops 80 points amid Fed negative comment
The Dow Jones snapped a four-day winning streak, stumbling late in the session after the Fed downgraded the U.S. GDP growth. The Fed said the pace of the recovery was proceeding slower than expected though it was primarily because of temporary factors, and said it plans to finish its US$600 billion bond purchase program in June 2011 as scheduled..

The Fed also said it will maintain interest rates at exceptionally low levels for "an extended period”, without specifying any measures to spur the economy. Overall, the Fed estimated Wednesday that the economy will grow between 2.7-2.9% in 2011, lower from its April estimate of between 3.1-3.3%.

Daily Dow Jones Upside Resistance Zones Are Situated At 12450-12550
DowJones23-06-2011


Source: StockCharts.com

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