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MarketWatchSep 18, 2019
Market Snapshot: U.S. stocks close mixed after Fed cuts rates but casts doubt on future stimulus
U.S. stocks ended Wednesday flat to higher, after the Federal Reserve announced it would cut its benchmark federal funds rate a quarter percentage point, in line with market expectations, but called into question whether there will be another rate cut this year or next.

MarketWatch MarketPulseSep 18, 2019
FOMC cuts fed funds rate, 7 officials project one more by year end
WASHINGTON (MarketWatch) - The Federal Reserve on Wednesday trimmed its benchmark interest rate to 1.75% to 2%, with a sizable minority projecting one more rate reduction in 2019. The central bank has cut rates twice in the past two months as an insurance policy against damage from the U.S. trade war with China. The vote was 7-3. St. Louis Fed President James Bullard preferred a half-point cut. Boston Fed President Eric Rosengren and Kansas City Fed President Esther George dissented for the second meeting in a row, preferring no rate cut. Looking ahead, 10 senior Fed officials projected no more rate cuts this year, but seven viewed one more reduction as likely. Meanwhile, the Fed left its forecast for the economy little changed over the next several years. Notably, the central bank projected no rate cuts in 2020 and just one in both 2021 and 2022.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseSep 18, 2019
Dow ends sightly higher as bank stocks take an unusual bounce higher after Fed cuts interest rates
U.S. stock indexes on Wednesday finished mostly higher--even if only slightly so--after the Federal Reserve cut benchmark rates, as expected. The Dow Jones Industrial Average closed up 36 points, or 0.1%, to 27,147, but had been down by as many as 211.65 points at session lows. Meanwhile, the S&P 500 index added about a point, or less than 0.1%, to end at at 3,006.73. The Nasdaq Composite index edged 9 points, or 1%, lower to 8,177. The rate-setting Federal Open Market Committee cut rates by one quarter of a percentage point to a range of 1.75%-2%, in a 7-3 vote. Stocks initially took a leg lower but began to pare losses as Fed Chairman Jerome Powell explained the rate decision in a press conference at 2:30 p.m. Eastern, about a half-hour after the release of the central bank's policy statement. Voting against the action were St. Louis Fed President James Bullard, who preferred to lower the target range for the federal-funds rate to 1.50% to 1.75%. Kansas City Fed President Esther George and Boston Fed President Eric Rosengren both preferred to maintain the target range at 2% to 2.25%."Bottom line, there is now a likelihood that as of today, this might be the last rate cut of the year as the 'mid course adjustment' process continues but could be done. So call this a hawkish cut," wrote Peter Boockvar, chief investment officer at Bleakley Advisory Group, in a research note after the Fed decision. The 10-year Treasury yield climbed after the Fed decision, with the rate rising to 1.79%, helping to deliver a lift to the banking sector, which tends to benefit from higher yields, even though the Fed cut rates. The Financial Select Sector SPDR ETF finished the session with a 0.4%, and shares of Goldman Sachs Group Inc. and those for JPMorgan Chase & Co. led gains for the blue-chip Dow.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch Breaking NewsSep 18, 2019
Ex-CEO Patrick Byrne sells all of his Overstock shares for $90 million
Ex-CEO Patrick Byrne sells all of his Overstock shares for $90 million

MarketWatch MarketPulseSep 18, 2019
Patrick Byrne sells all of his Overstock shares for $90 million
Departed Overstock.com Inc. Chief Executive Patrick Byrne disposed of his entire stake in the company - roughly 4.8 million shares, more than 13% of the company - in the past three days, according to a filing with the Securities and Exchange Commission. Byrne sold all but 87,000 shares on the open market for roughly $90 million, with the remainder given as a gift to an undisclosed recipient. Byrne left the company in late August after proclaiming in a corporate news release that he had an affair with a convicted Russian agent and had provided important information to the U.S. Justice Department about Russian involvement in U.S. politics. Overstock shares hit a 52-week high last week, ahead of a planned special dividend planned for next week, but have taken a big hit as Byrne sold, falling 20.8% Monday, 10.9% Tuesday and 8% on Wednesday. Shares fell more than 2% in after-hours trading Wednesday following the filing.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



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MarketWatch MarketPulseSep 17, 2019
Kraft Heinz's stock falls after 2nd-largest shareholder sells $713 million worth of shares
Shares of Kraft Heinz Co. slumped 4.2% in midday trading, enough to pace decliners among its consumer staples peers group, after the food and beverage company's second-largest shareholder cut its stake by more than 9%. In a Form 4 filing with the Securities and Exchange Commission, Kraft Heinz disclosed that private-equity firm 3G Capital sold 25.1 million Kraft Heinz shares on Monday at a price of $28.44, which values the shares sold at $712.95 million. That left 3G with a 245.03-million-share stake, or 20.1%, of the shares outstanding. 3G's stake is second to Warren Buffett's Berkshire Hathaway Inc.'s 325.6-million-share stake as of June 30, which is 26.7% of the shares outstanding. 3G and Berkshire orchestrated the creation of Kraft Heinz when Kraft Foods Group Inc. and H.J. Heinz Co. agreed in March 2015 to merge. Kraft Heinz's stock has tumbled 34.1% year to date, while the SPDR Consumer Staples Select Sector ETF has rallied 19.7% and the Dow Jones Industrial Average has climbed 15.8%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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