Stocks Extend Gains
Stocks added to gains on Wednesday, following the Fed’s
decision to slash interest rates by 50bp yesterday. 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.
The U.S. dollar picked itself off the floor, recovering from
yesterday’s all-time low versus the euro.
Crude oil hit another record today, closing at $82.51.
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