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Market Update

Fed Tapering Lifts Indexes; Facebook, Zuckerberg to Sell $4 Billion of Stocks


Author: Nichole Harper
ticker.com
Last Update: 12:57 PM ET December 19 2013

12:55 PM New York Ė Stocks on Wall Street eased after a rally in the previous session. The Fedís low interest rate outlook and gradual tapering plan announcement supported a surge in the market that many think will continue in the first quarter next year.

Market indexes on Wall Street eased after a day of surge after the Fed announced a clear plan for the bond buying program tapering and low interest rate outlook.

Investors bid up stocks yesterday after the Fed announced at the end of its last 2-day meeting yesterday to keep rates low till the end of 2015 and begin tapering bond purchase program from January.

The gradual nature of tapering and low interest rate for a long period of time lifted market sentiment and indexes, however trading volume was light.

S&P 500 index declined 3.11 to 1,807.54 and the Nasdaq Composite Index fell 9.84 to 4,060.22.

European Markets Advance

In London trading, FTSE 100 index jumped 0.9% or 59.96 to 6,552 and in Frankfurt the DAX index climbed 1.2% or 106.91 to 9,289.

In Paris, CAC 40 index advanced 1.2% or 47.98 to 4,157.

U.S. Stocks in Review

Facebook (FB) declined 2.3% after the social network platform operator said it plans to sell 70 million shares in its first offering after its initial public offering in 2012.

Chief Executive Mark Zuckerberg plans to sell stocks worth $2.3 billion and the rest is sold by the company.

Oracle Corp (ORCL) decreased 1.9% after quarterly income declined 1.1%, but lower than expected by analysts.

Target (TGT) declined 2% after the big-box retailer said it was the target of extensive hacking of its computer systems and 40 million customersí credit and debit card accounts may have been breached.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc