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Markets Decline on Rate Hike
Sep 20, 4:17 PM ET |
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| Fed raised its target for fed funds by 25 basis points. Markets gains in the early trading quickly were lost on the rate hike. |
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| Fed's near unanimous decision to raise rates despite Hurricane Katrina related concerns only suggests to some that Fed may not stop in the next two meetings on Nov 1st and Dec 13th. Many believe that Fed will have to raise rates to 5% before it has caught up with market forecast. Home builders and retailers led the decline in averages. Circuit City, FactSet Data and Goldman Sachs delivered better-than-expected earnings. |
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Fed Funds Rate Up - 3.75%
Sep 20, 3:23 PM ET |
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| Oil prices decline to $65.40 a barrel despite threatening Rita. OPEC releases its last 2 million barrels of spare crude. |
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| Wait is over, rates are up by 0.25%. Housing starts index for Aug declined by 1.3%. Goldman Sachs posted 3Q earnings of $3.25 a share vs. $1.74 last year, beating expectations of $2.31 a share. Circuit City Stores reported 2Q profit of 1 cent per share, exceeding estimates of a loss of 3 cents per share. The company raised its 2005 sales outlook to 5%-8% growth from previous 3%-6%. Tech stocks advance. Energy stocks drop. |
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Market Awaits Rate Move
Sep 20, 10:47 AM ET |
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| Oil prices decline to $66.10 a barrel despite threatening Rita. OPEC releases its last 2 million barrels a day of spare crude. |
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| Housing starts index for Aug declined by 1.3%. Goldman Sachs posted 3Q earnings of $3.25 a share vs. $1.74 last year, beating expectations of $2.31 a share. Circuit City Stores reported 2Q profit of 1 cent per share, exceeding estimates of a loss of 3 cents per share. The company raised its 2005 sales outlook to 5%-8% growth from previous 3%-6%. |
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Drop in Oil Leads Higher Opening
Sep 20, 10:03 AM ET |
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| Crude-oil prices slipped below $67 despite approaching storm Rita. Gold climbed to $470 per ounce. The dollar is mixed at opening. |
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| Housing starts index for Aug declined by 1.3%. Goldman Sachs posted 3Q earnings of $3.25 a share vs. $1.74 last year, beating expectations of $2.31 a share. Circuit City Stores reported 2Q profit of 1 cent per share, exceeding estimates of a loss of 3 cents per share. The company raised its 2005 sales outlook to 5%-8% growth from previous 3%-6%. |
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