Stock market futures were much lower Wednesday morning, indicating stocks could sell off at the open. This comes a day after markets surged as the Federal Reserve cut interest rates to historic lows near zero, announced it would flood the financial system with money and pledged to use "all available tools" to fight the current downturn. While investors may have overreacted Tuesday with their bullish sentiment following the move, it seems they're ready to give up some of the gains today as the Fed's exceptional move only serves to underscore the dire situation the economy and the financial markets are in.Overseas, global stock markets were mixed Wednesday as investors were concerned about the U.S.'s economy and a weakening dollar following the Fed's rate cut. In Asia, markets climbed higher, but in Europe, markets generally dropped.
Also in focus today is OPEC, which is likely to OK a big production cut. It may approve slashing a record 2 million barrels from its daily production as of Jan. 1. Other oil producing countries said they might take similar measures. Oil prices rose above $45 a barrel Wednesday ahead of the official confirmation of the cut and weekly inventory report out of the US.
Google's plan for netbook PCs moves higher into the clouds
Closing Bell: Stock bulls and dollar death (DDRX,GMCR, PEET, SBUX, EBAY, CI, TECD)
So long peak oil, here comes peak uranium
Reader Comments (Page 1 of 1)
12-17-2008 @ 8:57AM
carl said...
ok to a big production cut! When will we understand we need our own oil until we succeed in developing a competitive alternative. Tease us with low oil prices, then cut production and raise the price until we get mad. The same story stalls us every time. Get it stupid!!!