Ramsey
13-08-2002, Tue 8:08 AM
عن دواوجونز نيوزواير
US SUMMARY: Doubts About A Fed Cut Drive Markets
DJIA 8688.89 loss 56.56 dn 0.7%
NASDAQ 1306.84 gain 0.72 up 0.1%
S&P 500 903.80 loss 4.84 dn 0.5%
Dow Future 8682.00 gain 12.00 up 0.1%
NASDAQ Future 949.00 gain 5.50 up 0.6%
S&P Future 902.10 loss 0.40 0.0%
10-Yr US Treasury: 4.22% down 0.05
NEW YORK (Dow Jones)--Wall Street equities stalled Monday as investors took profits from last week's big rally, while Treasurys were the beneficiary.
STOCKS: Blue chips pulled back slightly, while technology shares managed a small gain as doubts arose about a U.S. Federal Reserve rate cut.
Analysts said would-be buyers wanted to see what retail earnings and other economic data looked like, and whether companies would meet a government deadline to certify financial statements later this week.
"There's just not much going on today. People are just waiting to see what the Fed is going to do Tuesday, who does or doesn't sign their financial documents on the 14th and to see if market can continue its uptrend," said Robert Streed, portfolio manager of Northern Select Equity Fund in Chicago.
Treasury Secretary Paul O'Neill doubts the U.S. economy will back into a recession, despite stock market turbulence, Americans' eroding confidence and a fitful recovery.
"The fundamentals of our economy, I continue to believe, are sound," O'Neill said. "As I travel around and talk to people in communities, I find people are more calm than one would assume."
He made his upbeat remarks a day before President George W. Bush convenes a summit in Texas on the struggling economy and the Federal Reserve examines its policy on interest rates, which are now at 40-year lows.
BONDS: U.S. Treasurys prices were mostly higher Monday, with longer maturities outshining shorter-dated papers, as participants continued to reverse recent trades made on speculation of an interest rate cut ahead of the Federal Open Market Committee meeting.
According to a survey by Dow Jones and CNBC Monday, most primary dealers on Wall Street believe the Fed's overnight target rate will remain at 1.75% for the rest of the year. A majority of the firms surveyed, however, believe the Federal Reserve will on Tuesday say that the risks to the U.S. economy are tilted in favor of weakness in the months ahead.
US SUMMARY: Doubts About A Fed Cut Drive Markets
DJIA 8688.89 loss 56.56 dn 0.7%
NASDAQ 1306.84 gain 0.72 up 0.1%
S&P 500 903.80 loss 4.84 dn 0.5%
Dow Future 8682.00 gain 12.00 up 0.1%
NASDAQ Future 949.00 gain 5.50 up 0.6%
S&P Future 902.10 loss 0.40 0.0%
10-Yr US Treasury: 4.22% down 0.05
NEW YORK (Dow Jones)--Wall Street equities stalled Monday as investors took profits from last week's big rally, while Treasurys were the beneficiary.
STOCKS: Blue chips pulled back slightly, while technology shares managed a small gain as doubts arose about a U.S. Federal Reserve rate cut.
Analysts said would-be buyers wanted to see what retail earnings and other economic data looked like, and whether companies would meet a government deadline to certify financial statements later this week.
"There's just not much going on today. People are just waiting to see what the Fed is going to do Tuesday, who does or doesn't sign their financial documents on the 14th and to see if market can continue its uptrend," said Robert Streed, portfolio manager of Northern Select Equity Fund in Chicago.
Treasury Secretary Paul O'Neill doubts the U.S. economy will back into a recession, despite stock market turbulence, Americans' eroding confidence and a fitful recovery.
"The fundamentals of our economy, I continue to believe, are sound," O'Neill said. "As I travel around and talk to people in communities, I find people are more calm than one would assume."
He made his upbeat remarks a day before President George W. Bush convenes a summit in Texas on the struggling economy and the Federal Reserve examines its policy on interest rates, which are now at 40-year lows.
BONDS: U.S. Treasurys prices were mostly higher Monday, with longer maturities outshining shorter-dated papers, as participants continued to reverse recent trades made on speculation of an interest rate cut ahead of the Federal Open Market Committee meeting.
According to a survey by Dow Jones and CNBC Monday, most primary dealers on Wall Street believe the Fed's overnight target rate will remain at 1.75% for the rest of the year. A majority of the firms surveyed, however, believe the Federal Reserve will on Tuesday say that the risks to the U.S. economy are tilted in favor of weakness in the months ahead.