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Jan 28 2016

Earnings lift Wall St after Fed comments

Market Recap 1/27/16:

U.S. stocks fell on Wednesday, dropping in the latest example of the market seeing huge swings on a daily basis. Volatility has been extremely high of late, and the recent whipsawing has many investors concerned. If that includes you, we encourage you to listen to our weekly radio program, Money Matters with Gary Goldberg – click here for stations and show times. And if you have accounts that aren’t being managed by Gary Goldberg Financial Services, ask for a no-cost, no-obligation portfolio evaluation to review the levels of risks you are exposed to.

Losses accelerated in afternoon trading on Wednesday, after comments from the Federal Reserve suggested the central bank wasn’t going to scale back interest rate hikes because of recent economic turmoil. The Fed said rate hikes would be “gradual,” disappointing investors who had hoped it would stay accommodative amid elevated volatility and slowing growth out of China. This week marked the first time the FOMC has met since December, when it raised interest rates for the first time in about a decade. At the time, the move was seen as an indication that the Fed was confident about the pace of economic growth, a confidence many investors shared but has now waned amid changing conditions, including the S&P 500’s second correction in five months.

Looking ahead:

U.S. stock index futures edged higher on Thursday, boosted by blowout results from Facebook (FB), which surged past expectations. The social network reported earnings that more than doubled from the year-ago period, sending shares sharply higher in premarket. The news bucked this earning season’s trend of results that failed to excite, and overshadowed the uncertainty created by Wednesday’s Fed announcement. Earnings will remain in focus, with Caterpillar (CAT), Amazon (AMZN), Microsoft and Visa (V) all among the companies reporting on Thursday. Don’t miss this week’s Money Matters with Gary Goldberg, where the guest will be “Johnny Anonymous,” a football player and author of the book NFL Confidential. For stations and air times, please click here. Visit our website at www.ggfs.com for more details, including for a free, no-obligation portfolio evaluation.