Stocks Continue to Climb
Stocks are adding to yesterday’s impressive gain, which
followed the Fed’s decision to slash interest rates by 50bp. The
Labor Department reported August CPI declined by 0.1%, the first
decline in ten months. Core CPI (excluding food and energy) rose
by 0.2%, so providing you don’t eat or use energy, there’s no
inflation.
Among the big investment banks, it was Morgan Stanley’s
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PowerRating) turn to report today. The company announced a 17% drop in
earnings, mainly due to $1 billion in losses relating to the
credit crunch.
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