Stocks rally as FOMC keeps rates steady!
Another roller coaster day in the US stock market today, as the S&P ranged from a low of 1455 to a high of 1488, closing with a gain of 8 points to finish at 1476. The Dow added 35 to close at 13,504, while the NASDAQ forged ahead 14 points for a 2561 close.
The big news on the day was the Fed announcement that there will be no change in the current 5.25% interest rate. US stock markets fell sharply on this news, with the Dow immediately making its way down to 13,347 before rebounding all the way up to 13,598 as the high.
Over in the bond pit, the 10-Year Note fell slightly, closing with a 4.77% yield. Bond yields also saw plenty of movement right after the Fed announcement, but wound up mostly flat on the close.
Overseas, both the Hang Seng and the Nikkei were both nearly unchanged in trading last night.
Economic Data Scheduled for Wednesday, August 8, 2007
(All times are U.S. Central Time)
U.S.
9:00 AM: June Wholesale Inventories (Consensus 0.4%)
9:30 AM: Weekly EIA Energy Stocks report
Canada
None
U.K.
None
European Union
1:00 AM: (Germany) June Current Account (Consensus 12 billion)
1:00 AM: (Germany) June Trade Balance (Consensus 17.8 billion)
Japan
None
