continued to erase gainsmade in the wake of the Fed’s Wednesday “no-taper” announcement.
First the scoreboard:
S&P 500: 1,709.69, -12.65, -0.73%
Dow: 15,462.53, -174.02, -1.11%
Nasdaq: 3,774.73, -14.66, -0.39%
And now the top stories:
- Blackberry announced it was cutting 40% of its entire workforce and said it lost nearly $US1 billion last quarter. The stock fell more than 22% after trading was halted.
- The Apple iPhone 5s went on sale today, and it instantly sold out. $USAAPL actually ended the day down -0.46%.
- Tesla shares hit a new all-time high, climbing to as much as $US185.83. Deutsche Bank’s Dan Galves set a new price target of $US200 and predicted the automaker will outperform on Q3 margins.
- The Obama administration released emissions regulations for new coal and gas plants. We explained why the coal industry still isn’t going anywhere.
- Metals had a bad day: gold fell more than 3%; silver more than 6%.
- BMO’s Brian Belski said in a note to clients the S&P 500 could go to 1,900. “Sometimes bull markets have a mind of their own, and this one is no different. Furthermore, lackluster bond market performance, coupled with expansive equity gains, will likely spur renewed fund flows into equities, especially as the calendar flips to 2014.”
- This week saw the biggest push into equities ever recorded — $US25.9 billion-worth of inflows.
- St. Louis Fed President James Bullard told Bloomberg the Fed should leave interest rates untouched as long as inflation is below 1.5%, and should actually establish the figure as a “floor.” This “Bullard Rule” would be something of a modification to the “Evans Rule” — named after Chicago Fed President Charles Evans — that bases rate decisions on unemployment.
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