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Wall St dips after Fed rate cut; Dow down 12 pts
Published on Thu, May 01, 2008 at 09:05 , Updated at Fri, May 02, 2008 at 09:05
Source : moneycontrol.com
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Wall Street closed in the red with the Fed's decision to cut rates to 2%. Fed's hint that it may pause took the steam out of the stocks. The equity markets close the month with the biggest gains for the year. According to the latest report on GDP, US economy is technically not in a recession. Lehman down 5%, Citigroup down 4%. FOMC has cut fed fund rates by 25 bps at 2% and discount rate by 25 bps at 2.25%. FOMC has cut fed fund rates by 3.25% since Sep2007. 1Q GDP grows at 0.6% vs expectation of 0.5%. The Dow Jones industrial average slipped 11.81 points, or 0.09%, to 12,820.13. The Standard & Poor's 500 index declined 5.35 points, or 0.38%, to 1,385.59, and the Nasdaq composite index dropped 13.30 points, or 0.55%, to 2,412.80. A look at how the Indian ADRs performed:
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From earlier part... 4. This was not an end. The lending Banks like CitiGroup, Wachovia, etc pooled the sub-prim...
in Other Market Topics - venkat_c at 11-Oct-08 01:59
Thanks. Of course 8500 sensex is just possible but not 3000 sensex....
in Other Market Topics - vkk43 at 11-Oct-08 06:44
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