4:40 PM New York – Market indexes on Wall Street traded sideways after the Fed released latest minute of meeting. Majority of Fed policy makers held positive view on the steady economic expansion and felt that the current weakness in the international economies will have limited impact on the domestic growth outlook.
Stocks on Wall Street were on the defensive after economists’ interpreted latest Fed minutes meeting and detected growing worries of rising forces of deflation.
Majority of policy makers held the view that the U.S. economic expansion has entered in a steady state and the latest weakness in the international economies and the turmoil on Wall Street is not likely to impede the expansion.
In stock market trading, Tollbooth Index dropped 0.6% or 58.50 to 9,789.04.
S&P 500 index slipped 8.21 or 0.4% to 2,043.67 and the Nasdaq Composite Index fell 38.06 or 0.8% to 4,664.63.
Lowe''s Companies, Inc (LOW
), the home improvement retailer reported net sales in the third-quarter ending in October climbed 5.6% to $13.7 billion from a year ago period. Comparable store sales in the quarter jumped 5.1%.
Net earnings in the quarter surged 17.3% to $585 million or 59 cents a diluted share compared to $499 million or 47 cents from a same quarter last year.
The company forecasted total sales for the year to jump 4.5% to 5% and comparable sales to increase 3.5% to 4% and diluted earnings per share estimated to $2.68.
Target Corporation (TGT
), the discount stores operator reported sales in the third-quarter ending on November 1 increased 2.8% to $17.73 billion from a year ago period. Comparable store sales in the U.S. Segment for the quarter rose 1.2%.
Net income in the quarter jumped 3.1% to $352 million or 55 cents a diluted share compared to $341 million or 54 cents from a same quarter last year.
The retailer said sales from the Canadian segment climbed 43.8% and comparable sales increased 1.6 % from the same period a year ago.
In London trading, FTSE 100 index slid 0.09% or 6.01 to 6,703.12 and in Frankfurt the DAX index rose 0.4% or 42.01 to 9,498.54.
In Paris, CAC 40 index gained 0.5% or 19.87 to 4,282.25.
Royal Mail Plc
, the U.K.-based postal and delivery service provider reported revenue in the first-half ending on September 28 nearly flat at £4.53 billion from £4.52 billion a year ago period.
Net profit in the year tumbled 89.7% from a year ago to £125 million compared to £1.22 billion and diluted earnings per share jumped to 12.5 pence from 122 pence.
, the France-based silicon wafer maker reported group sales in the first-half ending in September surged 16.5% to €106 million from €91 million a year ago period.
Net loss in the period narrowed from a year ago to €82.9 million compared to €160 million and loss per share declined to €0.43 from €1.06.
Stocks in Japan and the Nikkei and Topix index advanced and the yen edged lower. Investors pinned hope on the new round of economic stimulus but the Bank of Japan and government struggle to increase aggregate domestic demand.
Nervous investors cautiously stepped up to add more exposure to stocks as the Japanese government prepares for another stimulus package and Prime Minister Abe and other lawmakers prepare for snap election.