US Stock investors bid up prices yesterday ahead of the Federal Reserve's two-day policy meeting that ends today. The Dow rallied to reclaim the 17,000 point level and all of the major equity indexes turned positive for the month.
The Federal Reserve is widely expected to announce the end of the 2008-era bond buying program also affectionately known as Quantitative Easing. The Fed is also expected to keep short-term interest rates at zero for a considerable period to come.
Facebook reported earnings yesterday after the bell that easily beat expectations. The company said 3rd quarter earnings rose 90% as the social network continued to show more evidence of its growing strength in mobile advertising. Facebook's monthly active users grew to 1.35 billion and the percentage of advertising dollars that came from mobile devices increased to 66%. The stock has sold off sharply though after the company also said they expect to see slower growth in the future and an increase in operating expenses.
The Consumer Confidence Board reported that after slumping in September, consumer confidence rose sharply in October as people feel better about the job market and better business conditions.
And shares of Twitter are 10% lower after the company reported earnings that were in-line with expectations, but the company reported declines in user engagement which will affect future earnings negatively.