Wall Street Searches for Direction
Stocks spent the morning searching for direction after the Fed
added more money to the system and investors continue to
worry about inflation, consumer spending, and credit issues.
Sales of existing homes fell in 41 states between April and
June. Total sales were 5.91 million units at an annual rate in the
second quarter, an 11% drop from the second quarter of 2006.
Crude oil futures for September delivery
rose 1.4%Â to $73.43 a barrel on concerns that a tropical
depression may threaten oil platforms in the Gulf of Mexico. Gold
futures for December delivery fell 0.7% to $664.72 an ounce on dollar strength.
Around Asia, Shanghai’s Composite closed flat at 4,869.88, Hong
Kong’s Hang Seng fell nearly 3% to 21,375.72, and Tokyo’s Nikkei
index lost 2.2% to 16,475.61.
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Darren Wong
Associate Editor
darrenw@tradingmarkets.com
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