Markets Closes Flat on Fed Chairman Bernanke's Comments
Investors heeded Fed Chairman Ben Bernanke's comments about monetary policy not being offset possible damage from the fiscal cliff. The Dow gave up nearly 3 points to close the session at 13,245 while Nasdaq shed 8 points to finish at 3013. On the upside
The Federal Reserve's monetary policy is expected to benefit the banking sector. Investors snapped up shares of Citigroup (NYSE: C) and JPMorgan Chase & Co (NYSE: JPM). Boston Beer Co. (NYSE: SAM) raised its full-year earnings outlook. Cerner (Nasdaq: CERN) announced plans to conduct a $170 million share repurchase program. On the downside Endo Health (Nasdaq: ENDP) lowered its profit outlook for 2012 and 2013. The medical device and drug company also announced plans to find a replacement for its retiring CEO. Asset management firm Legg Mason (NYSE: LM) announced an accelerated timetable for its quarterly dividend, but remained silent about filling the CEO position. Shareholders of Haverty Furniture Companies (NYSE: HVT) received a previously-announced special dividend payment today, but an analyst downgraded the stock. In the broad market, declining issues outpaced advancers by a narrow margin on the NYSE and by a wider 3 to 2 margin on Nasdaq. The broader S&P 500 index gave up most of its earlier gains closing at 1428, up a fraction.