Stocks Move Higher Ahead of Fed

  • August 6, 2007
  • Darren Wong

Stocks fluctuated on Monday morning before moving higher as
investors tried to digest Friday’s sharp 280 point Dow selloff as
well as gauge the Fed meeting tomorrow afternoon.  The Fed is
expected to keep rates steady at 5.25%, so the markets will be
watching closely for the Fed’s policy statement concerning
inflation and the credit markets.

Real estate investment trust, American Home Mortgage
(
AHM |
Quote |
Chart |
News |
PowerRating),
announced that it filed for bankruptcy amid the sub-prime lending
turmoil (full
story). More than 50 lenders have filed for bankruptcy so far
this year.

Crude oil futures for September delivery fell
for the 2nd straight day, losing 2.8% to $73.40 a barrel on
concerns that U.S. growth may slow lowering demand for energy.  Gold futures for
December delivery were little changed through the morning trading
at $682.80 an ounce.


Around Asia, Shanghai’s Composite index added 1.5% to 4,628.11,
Hong Kong’s Hang Seng index lost 2.7% to 21,936.73, and Tokyo’s
Nikkei lost 0.4% to 16,914.46.

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Stocks in Motion

Countrywide
(
CFC |
Quote |
Chart |
News |
PowerRating) Reveals Net Liquidity Of $186.5 Bln; Reports
Immediate Access To $46.2 Bln Cash (full
story). CFC shares fell 1.7%.

Bear Stearns
(
BSC |
Quote |
Chart |
News |
PowerRating) President And Co-COO Spector Resigns Following
Hedge Fund Losses (full
story). BSC shares dropped 3.3%.

FedEx Kinko’s
(
FDX |
Quote |
Chart |
News |
PowerRating) To Open 300 New Office And Print Centers In
U.S. In Fiscal 2008, Redesign Existing Centers And Open 20 International Centers
(full
story). FDX shares added 0.5%.

Mercury General
(
MCY |
Quote |
Chart |
News |
PowerRating) Q2 Profit Increases On Higher Net Realized
Investment Gains (full
story). MCY shares jumped 4.5%.

For more stories as they happen, go to our
Breaking News section.

 


Market Snapshot

Dow

 +40.64 13,222.55

NASDAQ

 -7.31 2,503.94

S&P 500

 +3.19 1,436.25

 

 NYSE NASDAQ

Volume

 1,763,573,000 1,053,379,000

Advances

 907 911

Declines

 2224 2014

Up Volume

 510 300

Down Volume

 1001 647

New Highs

 22 31

New Lows

 519 438




Strongest/Weakest Industry Groups

Strongest Industries

Weakest Industries
Savings and Loans Airlines
Insurance
Brokers		 Gold
Drug Manufacturers Oil and
Gas Pipelines



Economic
News

No economic reports released
today.

Darren Wong

Associate Editor

darrenw@tradingmarkets.com

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