Stocks Snap Winning Streak, Even with Fed’s Promise
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Hemera/Thinkstock(NEW YORK) — Stocks spent most of the day in the green, but dipped Wednesday afternoon when Federal Reserve Chairman Ben Bernanke spoke, even though he didn’t say anything surprising.
The Dow finished the day down three points at 13,245, the Nasdaq lost eight points to close at 3,014, and the S&P 500 was up a fraction at 1,428.
The Fed said it will not raise short-term interest rates until the unemployment rate drops below 6.5 percent and if inflation “between one and two years ahead” is projected to be no more than 2.5 percent.
In a separate but widely expected move the Fed says it will spend $45 billion a month to keep long-term interest rates low. This move will replace the so-called Operation Twist, which expires this month.
Some news from the airline industry: American Airlines will now charge up to $88 more per roundtrip for a basic ticket that includes checking baggage or changing the reservation later on. Currently, the airline levies separate fees for those and other extras for everyone except premium passengers.
And no matter how you get there you’ll pay more for your holiday vacation this year. Trip Advisor says almost half of us will visit family or friends over the holidays — up a bit from last year.
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