Market slips in late trading; Financials brings indexes down

A early surge in morning trading sparked by Apple’s better than expected revenues and earnings reports from a plethora of companies announcing better than expected profits was not enough to keep Investors content as uncertainty is still in the air. By the end of the bell, KBW Bank index had fallen 1.8% as Citigroup, Bank of America, Wells Fargo and JP Morgan Chase shares were all down.

The Federal Reserve began a two day policy meeting that will tell investors if interest rates that are at record lows will remain the same. Clues will be released if the central bank plans on raising those rates. Meanwhile the government released figures citing that consumer confidence rose in January. It rose from 53.6 to 55.9 beating forecasts of 53.5.  Housing Prices took a tumble as well, falling 0.2%. This is the first time in seven months prices have fallen.

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The Dow Jones industrial fell 7.07 points to close out the trading session at 10,194.29. The S& P 500 was off 4.61 points bringing it down to 1,092.17. The NASDAQ slipped 7.07 points to close at 2,203.73.

Gold gained slightly adding $2.60 to settle at $1,098.30 an ounce while oil fell 55 cents to settle at $74.71 a barrel.

Around the world stocks were under pressure after Standard & Poor’s warned it could cut its debt rating on Japan. As a result the Nikkei in Tokyo lost 187.41 points to close at 10,325.28. In Europe markets did not make much headway with France’s CAC added 25 points to close at 3,807.04, Germany’s DAX closed at 5,668.93 and London’s FTSE 100 added 16 points to close at 5,276.85

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