US stocks : Dow off 0.02 pct
- Vote for Supriya Sule or lose water, âthreatensâ Ajit Pawar
- Watch video: Baba Ramdev caught on camera discussing money with BJP candidate
- Nobel laureate Gabriel Garcia Marquez dies at 87
- 5th phase of elections: Moderate to high turnout on biggest voting day
- Elections 2014 LIVE: Protests against Kejriwal in Varanasi; Modi's rally stage collapses due to rain
Us Stocks Closing: U.S. stocks ended nearly flat on Wednesday, giving up most of the day's gains after Fed Chairman Ben Bernanke reiterated that monetary policy won't be enough to offset damage from the "fiscal cliff."
His comments followed the Federal Reserve's announcement of a new stimulus plan, which briefly pushed the S&P 500 to a seven-week high.
The plan, the latest attempt to boost the country's struggling economy, will replace a more modest program set to expire with a fresh round of Treasury purchases that will increase its balance sheet. The program is known as "quantitative easing" or QE.
In comments after the announcement, Bernanke said he hopes that markets won't have to tank to get a fiscal cliff deal.
"Initially the addition of QE was certainly favorable. I think, though, in the press conference, what came out is that there still seems to be a level of uncertainty with regard to the exit strategy (and) the efficacy of the current policy," said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.
Bernanke "reiterated the fact that monetary policy has its hands tied as far as addressing the seriousness of going over the fiscal cliff," Hellwig added.
The S&P financial sector index, which had been up more than 1 percent after the Fed's announcement, ended up just 0.5 percent.
Wal-Mart Stores Inc's stock was the biggest drag on the Dow, falling 2.8 percent to $68.94 following the Indian government's announcement of an inquiry into the company's lobbying practices.
The Dow Jones industrial average slipped 2.99 points, or 0.02 percent, to 13,245.45 at the close. The Standard & Poor's 500 Index inched up just 0.64 of a point, or 0.04 percent, to 1,428.48. But the Nasdaq Composite Index shed 8.49 points, or 0.28 percent, to end at 3,013.81.
- As EC website crashes due to overload, party workers use apps to locate voters
- An entire society in Kothrud could not vote
- Chaos, anger across city over missing names
- Mulayam pushes third front, says will stake claim to PM post
- Don’t look at my candidates, votes for me: Maya to Dalits
- AAP biggies focus on Vishwas, Kejri seats, other units suffer