Market Midday News Brief, with information on BP (NYSE:BP), Exxon Mobile (NYSE:XOM), Chevron (NYSE:CVX), Frontline (NYSE:FRO), Genesco (NYSE:GCO)
Markets are down today following the Federal Open Market Committee’s meeting and the anticipated decision to leave interest rates unchanged. Federal Reserve Chairman Ben Bernake is also expected to announce that the second-round of quantitative easing will expire in June. What has been unexpected was Bernake’s earlier revelation that GDP growth in the US has been progressing slower than expected, which has worried investors and added to the market slip today.
The FOMC will deliver its official statement to the eager hands of analysts and economists later this afternoon. At 2:15pm EST, Bernake is scheduled to host a press conference regarding the FOMC release. Hopefully, investors will be reassured by the release to rally the major US indexes. The Dow Jones Industrial Average is down 1.53%, the S&P 500 is down 1.47% and the Nasdaq has shed 0.78% so far today.
The biggest gainer on the markets has been branded apparel maker Genesco (NYSE:GCO), up 8.84% so far today on news that the Journey’s owners have acquired UK footwear retailer Schuh Group for 100 million pounds. The day’s biggest loser thus far is shipping company Frontline (NYSE:FRO), down 9.23% based partly on down oil futures.
Oil prices have also hit producers. Companies BP (NYSE:BP), Chevron (NYSE:CVX) and Exxon (NYSE:XOM) are all down in trading. They’ve lost 2.34%, 3.04% and 2.88%, respectively, so far today. The day has been rough across the board for commodity prices, as Gold and Silver are also down sharply in trading.
That’s all for the day! We’ll see you back here tomorrow morning, loyal readers!