Wednesday, April 30, 2008
Fed Day
Stocks did not do much Tuesday as traders awaited the Fed. The Dow added 3.01 points to close the session at 12,873.38. The SPX lost 1.68 points, closing at 1,394.69.
Economic news was negative Tuesday with consumer confidence falling and consumer spending soft. At the same time, home prices fell once again and this doesn’t bode well for the housing sector in 2008.
Consumer confidence as measured by the Conference Board showed a nearly four point drop to 62.3 in February. This is the worst reading for the index since the early 1990’s and shows that consumers are not yet reading to say the worst is behind them.
However today is the day with focus remaining on the Fed announcement so it will be very interesting to see how stocks fare following this. It is widely expected that there will be a 0.25% cut. Its the statement which will be of interest as to whether there will be any more cuts for the rest of the year.
Once we see this number we can look to get our play on end of this week.
Until next time.
Economic news was negative Tuesday with consumer confidence falling and consumer spending soft. At the same time, home prices fell once again and this doesn’t bode well for the housing sector in 2008.
Consumer confidence as measured by the Conference Board showed a nearly four point drop to 62.3 in February. This is the worst reading for the index since the early 1990’s and shows that consumers are not yet reading to say the worst is behind them.
However today is the day with focus remaining on the Fed announcement so it will be very interesting to see how stocks fare following this. It is widely expected that there will be a 0.25% cut. Its the statement which will be of interest as to whether there will be any more cuts for the rest of the year.
Once we see this number we can look to get our play on end of this week.
Until next time.
# posted by Paul @ 7:19 AM 
