Stocks Inch Higher in Early Trading
Wall Street is turning in a lackluster performance on Tuesday,
as investors remain anxious that the Federal Reserve Bank may cut
the Federal Funds Rate.
Federal Reserve Chairman Ben Bernanke is having an emergency
meeting with Treasury Secretary Henry Paulson and Banking
Committee Chairman Chris Dodd. Investors remain optimistic that a
rate cut may be on the horizon to help inject added liquidity into
the credit markets.
The major averages opened the day in negative territory ahead of
the meeting, as uncertainty dominated the market. 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 1.9% to $69.75 a barrel on news that a hurricane Dean
was downgraded to a category 2 storm. Gold
futures for December delivery rose 0.3% to $668.20 an ounce.
Around Asia, Shanghai’s Composite added 1% to 4,955.21, Hong
Kong’s Hang Seng rose 0.6% to 21,729.35, and Tokyo’s Nikkei gained
1.1% to 15,901.34.
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Darren Wong
Associate Editor
darrenw@tradingmarkets.com
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