Minutes of the January Fed meeting triggered a late drop in the market. Caterpillar’s weaker sales also dragged on stocks; Caterpillar fell 2.5%. Details of the Fed meeting seemed to catch investors by surprise. Several policy makers worried the central bank’s bond-buying could eventually unsettle financial markets or cause the Fed to take losses. Still, most of the officials thought the economy was facing fewer risks than in December. News that Apple’s major supplier, Foxconn, has stopped hiring at its largest plant in China helped push down Apple, which fell 2.4%. Foxconn reportedly said the freeze is not related to iPhone orders.
February 21, 2013
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