Stocks snapped a 4 day win streak yesterday to close marginally lower. The Federal Reserve ended their 2 day policy meeting yesterday and announced the end of Quantitative Easing. They also said that they could raise interest rates sooner than expected if conditions in the labor market continue to improve, which caught investors off guard.
Yesterday after the bell Visa reported 3rd quarter earnings that beat expectations. The company earned $2.18/share when wall st. had been expecting them to earn $2.10/share. That news sent Visa's stock 4.6% higher.
The world's largest smartphone maker by volume, Samsung, reported 3rd quarter earnings that were 60% lower than over the same period last year. Earnings at Samsung were the lowest they have been in 3 years as their mobile division continues to shrink.
The US Department of Labor reported this morning that jobless claims last week rose 3,000 to 287,000, which is a number that will continue to push the unemployment rate lower.
OPEC isn't happy about falling oil prices, but Americans sure are. The average price of a gallon of gas nationwide is $3.06/gallon and it is certainly headed below $3/gallon. For the average family that buys 90 gallons/month to fill up 2 cars they will save $720/year at current prices, which is like a big tax cut for the American consumer.
And we got our first look at 3rd quarter GDP this morning and it appears the US economy grew at a 3.5% rate which was better-than-expected.