Equity Markets Sink After FOMC

by devteam December 17th, 2009 | Share

Economic activity is picking up and deterioration in the labor market is abating, the Federal Reserve noted yesterday as it kept interest rates at historic lows, but even so markets are off to a rough start Thursday.

One hour before the bell sounds, S&P 500 futures are down 8 points to 1,097. The dollar, maintaining its save-haven status, is rallying.

Meantime, Crude oil is trading 68 cents lower at $71.98 per barrel and Spot Gold is down $17.55 to $1,120.35.

In terms of data markets will be eyeing the weekly jobless claims numbers which, after a pause last week, are expected to resume a steady downfall. A broad gauge of where the economy is heading could also boost sentiment as it is widely expected to report an 8th consecutive month of growth. Finally, it is hoped that the regional manufacturing index from Philadelphia beats the earlier index from New York this week, which saw local conditions fall to a score of just +2.6 in December from +23.5 in the prior month. 

In addition to data news, markets will be watching when the Senate Banking Committee hold its confirmation vote on Fed Chairman Ben Bernanke. He’s widely expected to be re-confirmed (and not just because he was named Time’s Person of the Year.)

Key Events Today:

8:30 â€

About the Author


Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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