Why It Ain’t Just The Fed
Techs gave ground while blue chips
held their own Monday as the markets looked ahead to the Federal Reserve’s
monetary-policy-setting meeting on Tuesday.Â
The
Dow Jones industrials edged up 0.5%, the Nasdaq Composite declined 1.2%.Â
The
noncommittal stance came in light volume on the New York and
Nasdaq markets. Market observers are divided over whether the Federal Open
Market Committee will cut rates by a quarter or half point. However, there’s positive a
explanation for the light volume. After sharp recent gains, the market is due
for a period of consolidation. That’s a healthy development that lessens the risk of sharper pullbacks if the markets later move ahead.
The
Philadelphia Oil Service Sector Index
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Philadelphia Bank Sector Index
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The
Philadelphia Semiconductor Index
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Biotechnology Index
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1.9%
Among the winners, Wachovia
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holding company. SunTrust’s bid values Wachovia at $70.06 per share vs.
First Union’s
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Louis
Dreyfus Natural Gas
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ImClone
Systems
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colon-cancer tumors to shrink by at least 50% in nearly a quarter of 120
patients tested when combined with chemotherapy. The patients had advanced
disease and had failed every other option.
FLIR
Systems
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Among
the losers, Palm
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Appliance
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Among
the Dow winners, Alcoa
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Morgan
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gave up 1.9%, Disney
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PowerRating) 1.0%.