U.S. stocks closed lower on Friday as the Federal Reserve's decision to keep interest rates near zero stoked concerns about the potential impact of weak global growth on U.S. corporate earnings.Bobbi Rebell reports.
Stocks tumbled the day after the Fed chose not to lift interest rates. All blue chip stocks lost ground. For the week it was a mixed picture. Stephen Wood of Russell Investments. SOUNDBITE: STEPHEN WOOD, CHIEF MARKET STRATEGIST, RUSSELL INVESTMENTS (ENGLISH) SAYING: "I think ,the Federal Reserve looked at the inflation data. They looked at the labor market data. And they saw a softness, I think, that maybe the market hadn't expected them to see. And, I think, probably more importantly, and something new, is the Fed was looking at international financial conditions." Dragging down the S&P: Freeport-McMoran. The mining company will sell additional shares to raise $1 billion. La Quinta's CEO is stepping down. The lodging chain also said hotel demand in August and September was weaker than expected. Shares dropped. McDonald's is under pressure from an unusual shareholder group. A group of nuns from Texas called on the fast food giant to stop buying all meat from animals raised with antibiotics. Bucking the downdraft: Adobe Systems. Net subscriptions for its Creative Cloud software suite vastly surpassed Wall Street's quarterly targets. In Europe, concerns over the global economy sparked by the Fed's decision sent stocks south.