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Closing Bell: When Confusion Is Felt by All (APOL, CPST, DELL, FSLR, SII, SLB)

Posted Feb 19th 2010 4:20PM by Jon Ogg (RSS feed)
Filed under: Dell (DELL)

Confusion ... That is how traders and investors interpreted today. The Fed raised the discount rate to 0.75% from 0.5% but did not raise the Fed Funds Rate. The Federal Reserve governors were also somehow able to put it into everyone's head that Fed Funds may stay here at the near-zero for some time and that this was part of many steps in an unwinding of the major liquidity events of the last 18 months. We had a very tame CPI report, a welcoming sign after a heated PPI yesterday. So it is just wholesale inflation for now. But a CNBC headline described today perfectly: "Markets Misread Fed's Rate Move as Central Bank Stumbles."

Here were today's unofficial closing levels:

Dow 10,402.35 +9.45 (0.09%)
S&P 500 1,109.17 +2.42 (0.22%)
Nasdaq 2,243.87 +2.16 (0.10%)

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Continue reading Closing Bell: When Confusion Is Felt by All (APOL, CPST, DELL, FSLR, SII, SLB)

Closing Bell: PPI, banks, tanks

Posted Jun 17th 2008 4:19PM by Jon Ogg (RSS feed)
Filed under: Best Buy (BBY), Goldman Sachs Group (GS), Alcatel-LucentADS (ALU)

Any relief we would have been seen in financial stocks was knocked down by a solid PPI reading and by more worries about banking stocks. We also saw a report from The Federal Reserve reporting that industrial productions fell by -0.2% in May, and plants were running at the lowest capacity in almost three years at 79.4%. As you'd expect, we also saw a decline of -3.3% in new housing starts to an annual rate of 975,000, and that represented more than a 10-year low. These are the unofficial closing bell levels for major US index levels: