The Latest News:
- U.S. stocks weakened Thursday, a day after the Dow Jones Industrial Average hit a record 15,680.35, on Fed tapering speculation due to the better-than-expected economic expansion.
- “What’s hurting U.S. markets is they have just gone up so much, so a pause is very much to be expected here,” David Kelly, chief market strategist at J.P. Morgan Funds, said in a CNBC article.
- GDP increased at a 2.8% annualized rate in the third quarter, compared to estimates of a 2% rise.
- The market will be volatile,” Ernie Cecilia, chief investment officer at Bryn Mawr Trust Co., said in a Bloomberg article. “You had some good economic news today and we’ll see what the payrolls numbers are tomorrow. The fear is that with better-than-expected economic numbers, tapering will commence sooner rather than later.”
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Max Chen contributed to this article.