Market Minute: Investors Await Taper Decision; Floods Impact Colorado Oil Fields

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The word of the day is taper, and the Colorado floods hurt domestic energy production. Those stories and more are what's in Wednesday's Market Minute.

The Dow Jones industrial average (^DJI) rose 35 points Tuesday and the Nasdaq composite index (^IXIC) gained 27. The Standard & Poor's 500 index (^GPSC) added 7 to close within 5 points of its all-time high.

Fed Chairman Ben Bernanke fomc september meeting tapering
Pete Marovich/Bloomberg via Getty Images
Most market pros say a move by the Federal Reserve to taper -- or start to trim the amount of money it pours into the economy each month -- to come at the end of Wednesday's policy meeting. They say that's already baked in to the market. But how investors will react to the news if and when it's announced is very uncertain. The official word comes out at 2 p.m. Eastern time, and Fed Chairman Ben Bernanke holds a news conference a half-hour after that.

The severe flooding in Colorado has put one of the state's biggest oil fields under water, affecting thousands of wells. One analyst says that could hurt production at Anadarko Petroleum (APC), Noble Energy (NBL) and Bill Barrett Corp. (BBG).

Walgreen (WAG) is expected to become the latest in a growing list of companies to push its employees to look for their own health insurance. According to reports, the drug store chain will provide subsidies to about 160,000 eligible employees to shop for private coverage. IBM (IBM), Time Warner (TWX) recently said they will move retirees to health care exchanges.

AT&T (T) is reportedly seeking buyers for its approximately 10,000 wireless towers. According to Bloomberg, the assets could fetch at least $5 billion. It says possible bidders include Crown Castle (CCI), SBA Communications (SBAC) and American Tower (AMT), which is the biggest operator of cell towers in the U.S.

FedEx (FDX) reported quarterly results that edged past Street expectations. It also announced price hikes on some shipping rates.

And shares of Adobe Systems (ADBE) are set to rise even though the company's net fell nearly 60 percent in the latest quarter. However, the maker of Photoshop and other software products said the numbers of subscribers to its cloud service soared.

-Produced by Drew Trachtenberg.


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hamcallk5co

As soon as Bernanke (OBAMA) quits passing out free money to their friends, the "Bernanke BUBBLE" will burst and we will then see a true depression. RCR

September 18 2013 at 1:12 PM Report abuse +1 rate up rate down Reply
toni

stop all the aid to other nations and freebies here then we will be solvent again get a job the best cure

September 18 2013 at 12:44 PM Report abuse -1 rate up rate down Reply
vetter66

any reason to raise gas prices

September 18 2013 at 11:45 AM Report abuse +1 rate up rate down Reply
Craig

Gotta love it, media pundits love to say the Fed should continue with their current policies because the economy is struggling. Yet these same pundits like to say the economy is improving when the consumer confidence index show a positive sign. Face it, according to Wall Street the economy will never reach the level in their opinion to raise interest rates.

September 18 2013 at 11:20 AM Report abuse +1 rate up rate down Reply
levmebe69

What a joke. The market ,propped up by fiat money, may take a hit if we stop paying their welfare every month. That money they are pouring into the market is a stealth tax on us to keep the rich ,rich.

September 18 2013 at 11:01 AM Report abuse +2 rate up rate down Reply
TexasKitty

America is going broke and thanks to the democrats mainly, republicans aren't free of some of the blame but since Obama we have more poor people, more on food stamps, more on disabilities and more money wasted on programs to benefit the democrats to get votes. Saw a program where 1.3 billions were wasted on people who supposedly receive disability checks all along holding a job which is against the law. We're so screwed and how did America get into this huge debt and deficit, well Obama said he was going to fundamentally change America and he is for the worst and people fell for his lies. Who can bring America to the status we had for so long? We are the laughing stock of the world with Obama being seen as the most incompetent, weak president ever.

September 18 2013 at 10:58 AM Report abuse -2 rate up rate down Reply
2 replies to TexasKitty's comment
Hello Bob

Texas Kitty, you are the laughing stock of the world. Congrats ! Oh your buddy George W. played no small part in destroying America's economy and world respect. Talk about laughing stock, my gawd kitty get real. It took the United States 20 years and a world war to get over the Republican created depression of 1929. It will take many years and at least two presidents to pull America out of the depths of George's disastrous recession.

September 18 2013 at 11:09 AM Report abuse +2 rate up rate down Reply
a2004ssr

Texas? Nobody listens Texans.

September 18 2013 at 11:25 AM Report abuse +1 rate up rate down Reply
ga7smi

the FED is about to take a bath with taxpayers borrowed money when interest rates rise - the Fed will have to charge banks more and banks wii not be able to loan - the next financial collapse is months away after easy ceases

September 18 2013 at 10:55 AM Report abuse +2 rate up rate down Reply
1 reply to ga7smi's comment
a2004ssr

months away? lol Do you just make it up as you go along? Get ready America ga7smi says the great depression happens in a few months !!!

September 18 2013 at 11:26 AM Report abuse +1 rate up rate down Reply
David

There is nothing to wait for, business will continue going on.

September 18 2013 at 10:55 AM Report abuse +1 rate up rate down Reply
DRW trading co.

the only enemy poor people have, really is Bernanke he's giving money away like candy at Halloween and we are in wrong neighborhood

September 18 2013 at 9:54 AM Report abuse +1 rate up rate down Reply
DRW trading co.

is someone from Bangladesh reading these comments my second comment beat the first one out now my third one will beat first one out what is this i don't agree with you, you don't publish my comments, well kiss my butt

September 18 2013 at 9:50 AM Report abuse -3 rate up rate down Reply