Dollar Falls, Stocks Slip, Treasuries Thrive
The U.S. dollar hit a 2 month low today against the Euro on tomorrow’s rate cut anticipation. Fed Fund Futures are placing a strong possibility on a 75 basis point cut, pushing rates down to the historic low of 0.25%. Stocks dropped on economic woes and fears that the Madoff fraud will have wide ranging negative effects on stocks. The DJIA closed down -65.15 to 8564.53, the tech heavy Nasdaq slipped -32.38 to 1508.34 and the broad based S&P 500 dropped -11.16 to 868.57.
Newmont Mining
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Apple
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Gaylord Entertainment
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General Motors
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Oil fell $1.77 to $44.86, gold added $16.00 to $836.50, and the fear index VIX climbed 4.57% to 58.38
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