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November 5, 2009
Afternoon slump leaves stocks mixed
NEW YORK (AP) — A late-day slump left stocks mixed Wednesday as investors couldn't hold on to their optimism after the Federal Reserve gave an encouraging assessment of the economy. A House vote to speed up the effective date of limits on credit card companies took bank stocks sharply lower in the last hour of trading.
The Fed, as expected, left its benchmark interest rate unchanged at a record low of essentially zero and said the economy is slowly rebounding. Its announcement followed reports on service industries and employment that eased two of the biggest worries about the economy.
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