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  3. US markets slip on Fed move and turmoil in emerging market

US markets slip on Fed move and turmoil in emerging market

30 Jan 2014 Evaluate

The US markets fell sharply on Wednesday, after the Fed announced that it will reduce monthly bond purchases by another $10 billion but failed to mention the recent emerging markets turmoil that has knocked US stocks off their highs. Some investors had expected the central bank to address the recent turmoil in Turkey and other emerging markets that have spilled over to Wall Street. The Federal Reserve took another gradual step toward exiting its controversial bond-buying program, remaining stoic in the face of market turmoil. As expected, the Fed decided to reduce the pace of monthly asset purchases to $65 billion, from January’s $75 billion. The Fed will purchase mortgage-backed securities at a pace of $30 billion per month and add to its holdings of Treasurys at a pace of $35 billion per month beginning in February. The Fed also signaled that it is likely to keep reducing its purchases in the coming months, citing a pickup in economic activity and improvement in the labor market. The meeting also marks a quiet end to the eight-year term of Fed Chairman Ben Bernanke. Janet Yellen, will take over as Fed chairwoman next month. There were no dissents from the Fed’s decision. A summary of the two-day meeting will be released on February 19 and the Fed will meet again on March 18 and 19.

The Dow Jones Industrial Average lost 189.77 points or 1.19 percent to 15,738.79, Nasdaq dropped 46.53 points or 1.14 percent to 4,051.43, and the S&P 500 was down by 18.30 points or 1.02 percent to 1,774.20.

Indian ADRs closed mostly in red on Wednesday; ICICI Bank was down 1.73%, Tata Motors was down by 0.76%, HDFC Bank was down 0.52% and Dr. Reddy’s Lab was down 0.49%. On the other hand, Infosys was up 0.30%.

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