The stock market is heading lower into the close following no monetary policy changes from the Fed. The Fed pointed to the European situation as a big risk to the economy and left the door open for further easing in monetary policy. The Fed characterized the economy as expanding moderately despite slow global growth.
“Strains in global financial markets continue to pose significant downside risks to the economic outlook,” the Fed said.
Following the Fed’s remarks, the markets quickly turned negative and the sell off is accelerating in the last 30 minutes. The Dow is down 93 points, the Nasdaq is down 38 points and the S&P is down 13 points.
Most stocks have followed the market negative in late day trading. Here’s a look at some of the volume leaders today.
Intel Corporation (NASDAQ:INTC) is down 1.92% in late afternoon trading. INTC has traded 63 million shares so far today and trades 64 million shares a day on average. INTC has been trending downward since last Thursday when it was trading at $25.50. Intel has a market cap of 119.92 billion.
Pfizer Inc. (NYSE:PFE) is up 1.67% in late day trading at $20.73. PFE has traded 55.3 million shares so far today and averages 46 million shares a day. Pfizer has a market cap of 159.12 billion.
Microsoft Corporation (NASDAQ:MSFT) is up 1% at $25.76 with about 10 minutes left in the trading day. MSFT has traded 42.9 million shares so far today and trades 55.8 million shares a day on average. Microsoft has a market cap of 216.11 billion.
Cisco Systems, Inc. (NASDAQ:CSCO) is down 0.57% today at $18.43. CSCO is down on light volume with only 38.5 million shares traded, well below its daily average of 56 million shares. The company has a market cap of 98.65 billion.
Sirius XM Radio Inc. (NASDAQ:SIRI) is up 1.69% today at $1.80. SIRI has traded 38.6 million shares so far today and trades 69 million shares a day on average. The company has a market cap of 6.73 billion.