Fed Comments Erase Early Gains
Stocks gave up moderate gains today, falling after a Fed President spoke out
against aggressive rate cuts, without first determining if the first rounds had
any major effects on the market. The comments triggered selling across the
board, as traders hedged bets that the Fed was set for another sure-fire cut in
the coming months.
Disney
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PowerRating) rallied nearly 6% today, after the company reported
Q1 results that beat analyst expectations (full
story).
Ford Motor
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PowerRating) and General Motors
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PowerRating) were both
downgraded at Bear Stearns. GM fell 2%, while F only fell 1%.
Traders continue to speculate whether the potential Microsoft
(
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PowerRating)
acquisition of Yahoo!
(
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PowerRating) will continue to be explored. MSFT fell
around 1%, while YAHOO was down 0.5% (full
story).
Toll Brothers
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PowerRating) fell 2.5% after reporting a 22% decline in Q1
home building revenues (full
story).
Crude oil fell 1.5% after a U.S. energy inventory report showed the U.S.
supplies grew the most last week in almost 4 years. Gold futures rallied 1.7% as
traders took advantage of the lower prices.
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