Market closes lower ... Yellen cites standstill policy ... Yellen statement ... Oil pricesJuly 15, 2014 @ 3:12 pm
NEW YORK (AP) -- The stock market has finished the day mostly lower, after starting out higher this morning. The Dow gained five points, but the S&P 500 lost nearly four points and the Nasdaq composite finished 24 points lower. The Federal Reserve today, in a report to Congress, warned of increased signs of risk-taking in some stocks. One analyst, Drew Wilson of Fenimore Asset Management, says by suggesting that some stocks could be overvalued, the Fed is adding to a growing belief among some market-watchers that the market is due for a pullback.
WASHINGTON (AP) -- Despite recent sizable job gains, Federal Reserve Chair Janet Yellen is signaling that her agency is in no rush to withdraw the massive support it is providing the U.S. economy. Extra caution is warranted, Yellen says, given a number of "false dawns" in this recovery when a hoped-for acceleration in growth has failed to materialize.
NEW YORK (AP) -- Yahoo Inc. has reported that its second-quarter earnings and revenue declined, as the company struggled again with display advertising sales. Both fell short of Wall Street's expectations, as did revenue forecast for the current quarter, causing the limping Internet icon's stock to fall in extended trading. Before the forecast was revealed during a conference call with analysts, Yahoo's stock rose as the company announced that Alibaba Group agreed to reduce the number of shares Yahoo is required to sell in the Chinese e-commerce company in an initial public offering of stock this year.
UNDATED (AP) -- The price of oil fell below $100 a barrel for the first time since May even as the deteriorating security situation in Libya has raised questions about whether the country can soon increase crude exports. Benchmark U.S. crude for August delivery fell 95 cents to close at $99.96 a barrel on the New York Mercantile Exchange. Oil is down 5 percent since the beginning of the month.
OMAHA, Neb. (AP) -- CSX Corp. (CSX) says its second-quarter profit chugged ahead 2 percent as the economy continued to improve, so the railroad is investing an additional $100 million in its network. The Jacksonville, Florida-based company said its net income improved to $529 million, or 53 cents per share, from $521 million, or 51 cents per share, in the same period last year.
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