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Fed rally reversal on Wall St.

Thursday, March 19, 2015 - 01:40

Stocks fell on Thursday, a day after a big post-Fed meeting rally, as a stronger dollar weighed on oil and other commodity prices. Bobbi Rebell reports.

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Stocks gave back some of Wednesday's huge gains- closing mostly lower. A rebounding dollar pushed down oil prices, pressuring energy shares. Investors didn't get much encouragement from economics data. Factory activity in the mid-Atlantic region slowed in March for the fourth straight month. The current account deficit widened sharply in the fourth quarter. And the number of Americans filing jobless claims rose slighty last week. Making its debut on the Dow: Apple. Despite its huge valuation, it only has a 5 percent weighting on the index because of its stock price. S&P Dow Jones Indices' David Blitzer SOUNDBITE: DAVID BLITZER, INDEX COMMITTEE CHAIRMAN, S&P DOW JONES INDICES (ENGLISH) SAYING: "Being in the Dow will give them additional recognition, additional attention." Nike out with an earnings beat after the closing bell- profits were up 16 percent at the world's largest sportswear maker though revenues fell short of forecasts. Lennar shares rose. The homebuilder sold more homes at higher prices. Its quarterly profit and revenue topped expectations. Profit also beat forecasts at Guess, pushing the apparel retailer's shares sharply higher. Online sales jumped. Nucor shares slipped after the mighty dollar dinged the U.S.' largest steelmaker. Cheaper imports hurt its steel prices, so it cut its profit forecast. Tesla shares stepped back. CEO Elon Musk said its Model S will offer hands-free steering in about three months. And he introduced a new feature that warns drivers before their cars run out of electricity. But still energized- European stocks which extended gains in Thursday's session.

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Fed rally reversal on Wall St.

Thursday, March 19, 2015 - 01:40