Stocks Ended Lower after Fed’s QE Decision

U.S. stocks ended lower on Wednesday after the Federal Reserve announced the end of its stimulus program in a statement that also noted the improvements in the U.S. labor market. The Dow Jones Industrial Average fell 31.44 points, or 0.18%, to 16,974.31. The S&P 500 was down 2.75 points, or 0.14%, to 1,982.30. The Nasdaq Composite lost 15.07 points, or 0.33%, to 4,549.23.

The Fed said it will no longer add to its holdings of Treasury bonds and mortgage-backed securities, effectively ending a program that at its peak pumped $85 billion a month into the financial system to hold interest rates down and boost the flagging economy. The Fed also expressed confidence in the U.S. recovery and said it would remain on track despite a slowdown in many parts of the global economy, especially Europe.

Facebook CEO Mark Zuckerberg is revealing his 10-year-plan for the Menlo Park-based social media giant.Business Insider reports that Facebook plans to use its success to invest in long-term goals that will make it an even stronger company over the next decade.

International Business Machines Corp (IBM.N) on Wednesday announced a partnership with Twitter (TWTR.N) to help
shape business decisions using data collected from tweets worldwide.

Visa Inc. (V) reported its fiscal fourth-quarter earnings fell to $1.07 billion, or $1.72 a share, from $1.19 billion, or $1.85 a share, a year ago. Revenue increased to $3.23 billion versus $2.97 billion.

Kraft Foods Group (KFT) reported Wednesday third-quarter profit of $446 million, or 74 cents a share, down from $500
million, or 83 cents a share, in the year earlier period.