Courtesy of John Nyaradi
Stock Market sinks before Fed meeting
Stocks gave up a huge rally as the FOMC meeting neared its two day close tomorrow.
Lots of news today, most of it bad, that the markets managed to shake off until late in the day.
The Greek tragedy goes on and on and on.
The International Monetary Fund reduced estimated GDP growth rates around the world, including the United States’, citing a forcast growth rate fo 1.5% for 2011, downfrom approximately 2.5%. previously and the bad news/slow growth rate also streched out into 2012.
Italy’s credit rating was cut by S&P as “contagion” fears won’t let go of Europe and gold rallied back above the $1800/oz. level.
Tomorrow comes August existing home sales and the much awaited FOMC announcement.
Stock Market Round UP:
Dow Jones Industrials: (DIA) +7.7; +0.07%
S&P 500: (SPY) -0.6; -0.2%
Russell 2000: (IWM) -2.2; -1.8%
Nasdaq 100: (QQQ) -12.9; -0.6%
Gold: (GLD) $1807; +1.5%
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