Stocks slide as a late tumble erases post-Fed gains

23 Dec 2015 | Author: | No comments yet »

Market Slumps as Energy and Commodity Prices Drop.

FEDEX DELIVERS The shipping company FedEx said its quarterly profit grew as online shopping increased and costs in its express-delivery business came down.

AVON GETS A CALL Shares of the beauty products retailer Avon Products rose 5 percent after it said it would sell its North American business to Cerberus Capital Management for $170 million. FED GAINS FADE: Stocks jumped around 1.5 percent Wednesday after the Federal Reserve raised interest rates, a long-expected vote of confidence in the U.S. economy. SOLAR POWER SHINES Solar power stocks continued to rise after Congress agreed to extend a federal tax credit for commercial and residential solar products. Senator Charles Schumer, Democrat from New York, said a budget deal between Democrats and Republicans would extend the 30 percent credit through 2019. Utilities have also struggled this year, but including a tiny gain Thursday, they have risen for four days in a row and are up 4 per cent over that time.

THE QUOTE “This was one of the biggest risks confronting the industry over the last year,” said Angelica Jarvenpaa, research associate for Raymond James. She said the agreement was “among the best case scenarios” for solar power because it tells companies what they can expect for the next several years.

She added that the extension will benefit the entire industry, including companies that serve homes, businesses, utilities and manufacturers of solar cells. A panel of copyright judges raised the amount that streaming companies like Pandora have to pay to record labels, but the increase was less than many had expected.

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