4:35 PM New York City, New York – Stock market indexes and bond yields declined after the latest Fed inaction failed to remove a layer of uncertainty. Fed worried that the slowdown in China and emerging markets and volatile financial markets may affect domestic economy but showed willingness to a modest tightening before the year-end.]
Stocks on Wall Street turned lower on the final trading day of the week as investors worried that the rate uncertainty may continue till the year-end.
U.S. bond yields continued to decline after the latest Fed inaction and 10-year U.S. Treasury yield dropped to a week-and-a-half low of 2.13%. Yield on five-year bond declined to a three-week low of 1.43%.
Market indexes steadily declined and the widely followed indexes dropped between 1.4% and 1.6% in New York.
On Wall Street, Tollbooth Strategy Index slipped 58.36 or 0.6% to 10,433.60.
S&P 500 index dropped 32.51 or 1.6% to 1,958.08 and the Nasdaq Composite Index slumped 66.71 or 1.4% to 4,827.23.
Crude oil in New York decreased $1.93 to $44.94 a barrel and gold soared $21 to $1,138.10 an ounce.
Adobe Systems Inc
) jumped 3.3% or $2.64 to $82.95 after the software company reported total revenues in the third-quarter ending on August 28 surged 22% from a year ago to $1.22 billion.
Net income in the quarter soared to $174.5 million or 34 cents per diluted share compared to $44.7 million or 9 cents from the same quarter last year.
Adobe forecasted revenues for the fourth-quarter between $1.275 billion and $1.325 billion and earnings per share in the range of 32 cents to 38 cents.
) slipped 33 cents to $98.03 after the outsourcing services provider made non-binding proposal to acquire Australia-based data analysis provider Veda Group Limited for $2.70 per share in cash valued at about $2.3 billion or US$1.6 billion.
The transaction representing 35% premium of yesterday’s closing price of $1.995.
In London trading, FTSE 100 index slipped 76.86 or 1.2% to 6,110.13 and in Frankfurt the DAX index slumped 303.61 or 2.9% to 9,930.63.
In Paris, CAC 40 index declined 131.63 or 2.8% to 4,525.78.
For the week, FTSE 100 index slid 0.1% and the DAX index dropped 2% and the CAC 40 index slipped 0.5%.
Deutsche Bank AG
declined 4.2% to €25.25 after the Germany-based bank said it will close its corporate banking and security operations in Russia and it will now operate from international hubs.
As the bank''s new co-chief executive, John Cryan, looks to reshape its business and said its other operations in Russia will remain as it is.
Worldpay Group Plc
, the U.K.-based payment processor plans to launch an initial public offering to raise £890 million or about $1.4 billion on London Stock Exchange in next month and expected to sell about 25% of its shares in the offering.
The company owned by the private equity firms Advent International and Bain Capital.
Worldpay reported net revenue in the first-half ending in June of £465.7 million and for fiscal 2014 net revenue of £863.4 million.
Investors’ hopes were dashed after the U.S. Fed held out for a possible rate before the year’s end but did not provide any more specific time frame.