Daily ETF Roundup: Fed Hints At Future Taper, XLU And IBB Tumble

U.S. equities slid into the red today as investors digested the highly anticipated FOMC press conference. Contrary to expectations, the Fed announced that it will continue its $85-billion a month bond-buying program for now, though Bernanke indicated that tapering could begin later in the year. The central bank did, however, give a rather optimistic outlook on the U.S. economy, noting improving labor market conditions and higher GDP growth expectations for 2014 [see The Cheapest ETF for Every Investment Objective]. Global Market Overview: Fed Hints At Future Taper, XLU And IBB Tumble Following today’s Fed policy statement, all three major U.S. equity indexes fell to close in negative territory. The Dow Jones Industrial Average ETF dropped 1.25%, after its underlying index tumbled 206.04 points to wipe out most of its gains form the previous two sessions. The S&P 500 ETF fell 1.33%, while the tech-heavy Nasdaq ETF lost 1.22%. In Europe, markets were mostly lower ahead of the [...] Click here to read the original article on ETFdb.com. Related Posts: Daily ETF Roundup: FXY Pops As Dollar Tumbles, XLU Rallies Daily ETF Roundup: DXJ Tumbles After Nikkei Freefall, XLU Slumps Daily ETF Roundup: YCS Pops On Weaker Yen, XLU Slides Alongside Utilities Daily ETF Roundup: Stocks Rebound On Bank of Japan Move Daily ETF Roundup: Stocks Close Out Quarter On High Note