Markets Cautiously Watching the Fed
After experiencing a mid-day rally on fresh news from the
Federal Reserve, the major averages have come under pressure with
only the Nasdaq and S&P 500 holding on to their early gains.
The major averages moved to the upside following the meeting of
Federal Reserve Chairman Ben Bernanke with Treasury Secretary
Henry Paulson and Banking Committee Chairman Chris Dodd.
Senator Dodd reported that during the meeting Chairman Bernanke
confirmed his commitment to use all available tools to stabilize
the markets. Investors had hoped for a rate cut, but the Fed wants
to give the markets a few more days to digest the discount rate
cut. Negative housing data was also released this morning
from RealtyTrac. The data showed a 9 percent increase in
foreclosures in July from June and a whopping 93 percent increase
from the same time last year.
Crude oil future prices for September delivery
fell 2.3% to $69.47 a barrel on news that a hurricane Dean
was downgraded to a category 2 storm. Gold
futures for December delivery fell fractionally to $666.20 an ounce.
Around Europe, Germany’s DAX rose 0.2% to 7,424.75, France’s CAC
40 index added 0.4% to 5,418.78, and Britain’s FTSE 100 gained
0.1% to 6,086.10.
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Darren Wong
Associate Editor
darrenw@tradingmarkets.com
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