Buffett’s Paradox, Stocks Sink, Fed Retreats
The stock market crept higher today into the hugely anticipated FOMC rate decision and statement. However a shaky Fed revealing that it is slowing the programs to support the housing market resulted in a steep sell off across the board. Paradoxically, after turning his investment in Goldman Sachs into a $2 billion dollar 12 month profit, the Oracle of Omaha Warren Buffett clearly stated that he sees no bounce for the economy. The dollar climbed and commodities dropped after the Fed announcement. The DJIA gave back -81.32 to 9748.55, the Nasdaq fell -14.88 to 2131.42 and the market barometer S&P 500 sunk -10.79 to 1060.87.
Ford
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PowerRating): Climbed after stating that it expects domestic demand to increase.
Jabil Circuit
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PowerRating): Was upgraded to “outperform” at Calyon Securities sending shares higher.
General Mills
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AT&T
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PowerRating): Advanced on the back of a Mad Money Cramer recommendation.
Gold fell $1.10 to $1014.00, oil dipped $2.79 to $68.34 and the fear VIX index gained 1.78% to 23.49.
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