fb-pixel Skip to main content

US stocks down as investors digest earnings

The Fed's latest take on the US economy put many investors in sell mode. Chairwoman Janet Yellen said the economy still needs help — especially on the jobs front — but noted the Fed could raise its key short-term interest rate sooner than projected. The Fed also said certain stocks, such as social media and biotech, appear overvalued. That sent many such shares lower. Yet investors are getting mostly encouraging earnings reports; JPMorgan's and Goldman Sachs' were better than forecast. Separate reports on retail and manufacturing also gave the market an early lift, though traders punished Aaron's, the rent-to- own company, after it cut its forecasts.