Markets experienced a pullback Wednesday after the Federal Reserve announced it would cut back further on stimulus measures. The Dow Jones declined 0.70 percent, while the S&P 500 and Nasdaq dropped 0.61 percent and 0.59 percent, respectively. Beginning in April, the Fed will cut back bond purchases to $55 billion a month from $65.0 billion. Most Fed officials, 13 of 16, don’t expect the central bank to raise interests rates until 2015.
Bank of America Corp. (NYSE: BAC) shares traded in the range of $17.12 to $17.49 Wednesday before settling to close at $17.44, an increase of 1.45 percent. The stock appears to be facing some resistance at the $17.54 and $17.87 levels with some support at $17.23 and $17.03. Shares of Bank of America are up approximately 12.0 percent year-to-date.
More information on Bank of America and access to the free equity report can be found at:
www.WallStreetFundamentals.com/BAC
Citigroup Inc. (NYSE: C) shares traded in the range of $48.02 to $49.52 Wednesday before settling to close at $48.94, an increase of 1.66 percent. The stock appears to be facing some resistance at the $49.28 and $49.72 levels with some support at $48.34 and $47.64. Shares of Citigroup are down approximately 6.0 percent year-to-date.
More information on Citigroup and access to the free equity report can be found at:
www.WallStreetFundamentals.com/C
Goldman Sachs Group Inc. (NYSE: GS) shares traded in the range of $166.80 to $170.16 Wednesday before settling to close at $168.18, an increase of 0.05 percent. The stock appears to be facing some resistance at the $170.00 and $174.26 levels with some support at $167.03 and $163.90. Shares of Goldman Sachs Group are down approximately 5.0 percent year-to-date.
More information on Goldman Sachs Group and access to the free equity report can be found at:
www.WallStreetFundamentals.com/GS
Morgan Stanley (NYSE: MS) shares traded in the range of $31.39 to $32.07 Wednesday before settling to close at $31.81, an increase of 0.51 percent. The stock appears to be facing some resistance at the $32.28 and $32.69 levels with some support at $31.51 and $30.76. Shares of Morgan Stanley are up approximately 1.5 percent year-to-date.
More information on Morgan Stanley and access to the free equity report can be found at:
www.WallStreetFundamentals.com/MS
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