Posted by: __1Best__ Date: Tuesday, June 24, 2008 11:06:13 AM
~~ Major Markets ~~ DOW 11725 +/- Support noted on post 9259.
Qs 46.41 & SPX 1304.42
Qs 46.50 +/- S is the noted lower TL support shown on daily.
SPX 1300 +/- S commented CIT S.
The Fed Day Usual Fed day pattern is: In average: up ~ down ~ up or vice versa
$BKX Comments 62.39 ~~> $BKX outperforming other sectors today with a strong rebound from 60.01 which is the support which noted earlier.
~~ Market Summary ~~
Stocks move lower as crude oil rallies to $137. UPS says fuel costs will hurt earnings; Dow Chemical will boost prices to cope. Financial and homebuilding stocks rebound. Consumer confidence hits a 16-year low.
The stock market fell back this afternoon as crude oil finished at $137 a barrel and as investors await the Federal Reserve's Wednesday decision on interest rates.
The Dow Jones industrials finished down 34 points, or 0.3%, to 11,807. The Nasdaq Composite Index dropped 17 points, or 0.7%, to 2,368, and the Standard & Poor's 500 Index was down 4 points, or 0.3%, to 1,314.
The Fed began a two-day meeting on interest rates today. At 2:15 p.m. ET Wednesday, it's likely to announce that it is leaving its key federal funds rate unchanged at 2% due to concern about inflation. The fed funds rate is what banks charge each other for overnight loans and is the basis for most U.S. interest rates.
Also on Wednesday, the Commerce Department will report on new home sales during May. Important earnings reports will come from General Mills (GIS, news, msgs), Monsanto (MON, news, msgs), Oracle (ORCL, news, msgs), Herman Miller (MLHR, news, msgs) and Research In Motion (RIMM, news, msgs), maker of the BlackBerry mobile device.
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