The market expect the Fed to cut U.S. house prices is accelerating down
Posted on Apr-30-2008· by china investor
In the United States Federal Reserve Board announced that the interest rate decision, investors cautious attitude, the New York Stock Exchange narrow range on the 29th concussion, the three major indexes ended mixed.
On the 29th market close attention to Federal Reserve Open Market Committee held on the same day of a two-day monetary policy meeting. The market expected the Fed to cut 25 basis points, and then hinted that a rate cut will be suspended.
The same day the U.S. Conference Board's consumer confidence index although slightly better than previously expected, but failed to improve market sentiment. April U.S. consumer confidence index from 64.5 in March fell to 62.3, this is the fourth consecutive month the index fell, fell to its lowest level in five years.
According to Standard & Poor's body released by the Housing Price Index report, in February the United States 20 major cities in the housing price dropped by 12.7 percent, or an all-time high, showing that the U.S. housing price decline is accelerating.
Companies, Dow, pharmaceutical giant Merck shares fell more than 10 percent, because the company prepared to market the importance of cholesterol drugs by the U.S. Food and Drug Administration refused to grant. Analysts believe that this may also be another pharmaceutical company Eli Lilly impact, because the latter is developing a similar drug.
On that day, the dollar rose and oil prices led energy and raw materials plate generally declined, but decline to promote technology stocks rebounded.
To the New York stock market closed, the Dow Jones industrial average closed the previous day down 39.81 points to close at 12831.94 points, or 0.31 percent. The Standard & Poor's 500 index fell 5.43 points to close at 1390.94 points, or 0.39 percent. The Nasdaq composite index rose 1.70 points to close at 2426.10 points, or 0.07 percent. (Willow)
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