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Mid-Day Recap: Equities Up Modestly in Slow Trading
The US dollar continues to weaken after a pause on Monday, boosting appetite for dollar-denominated commodities and pushing share prices up. Crude oil halted a three-day decline and gained $1.34 to $71.05, with gold and silver following suit.rnrnApproaching Noon in Tuesday’s session, all three major indexes are climbing enough to reverse any declines from Monday’s directionless session. The S&P 500 has risen 0.57% to 1,070.61, putting the benchmark index less than 2 points from the 11-month high hit last week. The Nasdaq is up 0.33% to 2,145 and the Dow is up 0.36% to 9,814.
FHFA Home Price Index Marginally Improved in July
Home prices bottomed out in the second quarter but prices are not rising as quickly as forecasters had assumed, an industry survey said Tuesday. rnrnThe Federal Housing Finance Agency’s House Price Index, which compiles data on single-family homes, rose by 0.3% in July, half the pace expected by analysts. The previously reported 0.5% advance in June was trimmed to just +0.1%.rnrnDespite the revisions, the overall story hasn’t changed. July marks the third consecutive month that prices have gone up, meaning the median price bottomed out in April. Since its peak in April 2007, prices fell 11.5% over two years. Over
FOMC Meeting Begins, FHFA Home Price Index, Treasury Auctions
The Federal Reserve’s Open Market Committee begins its two-day monetary policy meeting today. Investors expect policy to remain accommodative well into 2010 so it’s a virtual certainty that the Fed Funds rate will remain at the historic low of zero to 0.25%, but with Ben Bernanke calling the recession “over†last week, many believe the accompanying statement could include some important changes.rnrnInvestors also want an update on whether the Fed will continue to purchase mortgage-backed securities. So far, the Fed has purchased $840 billion of MBS, part of an effort to keep mortgage rates down and invigorate the housing market.
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