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Stocks dip as market braces for expected Fed taper

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Stocks drifted lower as Wall Street opened on Wednesday, as investors awaited a key monetary policy decision from the Federal Reserve.

A day after major benchmarks closed at record highs, blue-chip and technology shares dipped as markets braced for the central bank’s expected tapering off its monetary stimulus. On Tuesday, the Dow closed above 36,000 for the first time ever. Both indexes were buoyed by an extended run of better-than-expected corporate earnings results. 

Some of the latest names that reported results continued this winning streak. Lyft (LYFT) shares gained after the ride-hailing company posted third-quarter revenue and earnings, excluding some items, that exceeded expectations, with a recovery in drivers and ridership helping boost results. Food giant Mondelez (MDLZ) also offered third-quarter results and a full-year forecast that exceeded estimates. In other corporate developments, Bed Bath & Beyond (BBBY) announced a new partnership…

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