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  • Wall Street Swings on Fed Purchasing Program

    Published on October 28, 2010

    Wall Street swung on Wednesday as investors worried that the Federal Reserve will unveil a smaller- than-expected U.S. Treasury bond purchasing program.

    Market sentiment turned cautious when major index were trading at 6-month highs. Investors seemed reluctant to push the market higher before upcoming key events, including a Federal Reserve meeting in which the central bank is expected to announce additional stimulus measures, midterm elections and the government ‘s report on October non-farm payrolls.

    Meanwhile, more mixed corporate earnings and economic news added to the sour mood. A latest report showed orders for durable goods rose in September, but business spending weakened on products that signal expansion plans.

    The Dow Jones industrial average fell 43.18, or 0.39 percent, to 11,126.28. The Standard & Poor’s 500 index dropped 3.19 points, or 0. 27 percent, to 1,182.45 and the Nasdaq was up 5.97 points, or 0.24 percent, to 2,503.26.

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