Stocks Higher Ahead of Fed Decision
Stocks are trading higher on Tuesday, ahead of the Fed’s much
anticipated decision on interest rates. The Federal Reserve
announce its decision at 2:15 PM ET, with the market expecting at
least a 25bp cut.
In earnings news, Lehman Brothers
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PowerRating) reported
better-than-expected numbers, although what most commentators fail
to point out is that the numbers were slashed in the wake of the
recent turmoil in the credit markets.
Stocks rose in Europe but declined overnight in Asia. Troubled
U.K. mortgage lender Northern Rock gained 7% today, despite
further withdrawals by customers.
Crude oil prices continued their relentless march higher,
climbing above $81 for the first time.
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