Markets Calm, Slightly Lower Ahead of Fed
The major markets pulled back some today ahead of the crucial FOMC
announcement. Traders are, for the most part, unanimous in believing the Fed has
at least a quarter point cut for the Fed funds rate today. After a strong week
last week and a good start on Monday, stocks are taking a break as traders wait
on the last major economic policy statement for the year from the U.S.
Washington Mutual
(
WM |
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PowerRating) fell 8% on Tuesday, after announcing plans
to close its subprime lending branch, and to lay off more than 3,000 workers.
Today’s announcement is only one in a string of seemingly unending bad news
pieces (read
more).
H&R Block
(
HRB |
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PowerRating) was down 1% after reporting a net loss for the 2nd
straight quarter (read
more).
Texas Instruments
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TXN |
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PowerRating) rallied around 3% after the company raised
its forecast for the last quarter of the year (read
story).
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