Markets were stagnant for the majority of the day but moved sharply lower after the release of the Fed’s June meeting minutes. The Fed’s minutes showed the committte split over the merits of further monetary easing on the economy. Results have shown that QE2, and potentially QE3, could have little effect on the economy, and much less effect that intended. 

Leading the equity declines were Boeing, United Technologies, Microsoft, and Travelers. On the other hand, Chevron and Exxon Mobil were the biggest Dow performers. In global markets, Europe finished roughly flat on the day with Spain tacking on gains following more austerity measures in an effort to meet budget targets.