Market Heading Lower; Fed Initiates Second Round of Quantitative Easing
The U.S. equity market is headed lower, despite the announcement from the Federal Reserve that it will initiate another round of quantitative easing by buying $600 billion worth of Treasuries over an 8-month period. The Dow Jones is currently down 0.09% to 11,178.73, the S&P 500 is currently down 0.04% lower at 1,193.10 and the Nasdaq is currently up 0.8% to 2,535.54.
The U.S. Federal Reserve announced that it will buy $600 billion worth of Treasuries to boost the U.S. economy. The Fed said that it will buy around $75 billion worth of long-term government bonds through the middle of 2011. Additionally, the Fed is also expected to reinvest in $250 billion to $300 billion worth of mortgage securities, during the same period.
CenturyLink Inc. (NYSE: CTL) reported its third-quarter financial results today. The company saw its revenue and profits fall in the third-quarter as consumers continued to move away from traditional wireline phone service. CenturyLink reported third-quarter earnings of $231.2 million, or $0.76 per share, down from $280.8 million, or $0.94 per share reported in the third quarter of 2009. Shares of CenturyLink Inc. are currently up 1.05% to $42.27, after touching a 52-week high of $42.35.
MGM Resorts International (NYSE: MGM) shares are soaring after the company reported its third-quarter financial results. The company reported a narrower third-quarter loss on fewer charges, strong results in Macau and an improvement in Las Vegas. Shares of MGM Resorts International are currently up 9.96% to $12.26, after touching an intra-day high of $12.27.
Related posts:
- Market Continues to Climb as Investors’ Confidence boosted by Fed’s Report and Intel, JP Morgan Earnings
- Market Finishes Higher
