Equities Close
Better-than-expected readings on GDP and Chicago PMI pushed equity indices higher ahead of this afternoon’s FOMC announcement. When the FED reported it cut interest rates to 2%, equities rallied briefly but then sold off steadily into the close.
Telecoms and energy stocks were the only sectors of the S&P to post increases. Consumer Discretionary shares were the worst performers, led lower by GM’s bigger-than-expected Q1 loss.
Dow Futures closed down 22 to 12804. S&P Futures closed 6.75 lower at 1384.50. Nasdaq Futures finished at 1922, down 17.