Tag: Market News

Fed’s latest action doesn’t impress investors

It’s going to take more than low interest rates to fire up investors.

The Federal Reserve’s latest plan to help the economy failed to impress Wall Street on Wednesday. Stocks finished slightly lower for the day, and not much better than they were before the Fed announcement.

Investors flee to gold

Stock-shocked investors are fleeing to gold, pushing the precious metal to new heights.

Gold reached a new intraday high of $1,782.50 per ounce in electronic trading before backing down to $1,746.20. That’s an increase of $33, or about 2%, compared to its Monday close. On Monday, gold broke $1,700 for the first time.

The current flight to gold has been by a nasty stock market plunge. On Monday, the Dow Jones industrial average plummeted 624 points, or about 5.5%, and the Nasdaq and S&P 500 dropped nearly 7%. It was the worst day on Wall Street since the 2008 fiscal crisis.