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Thursday 20th of November 2008
August 7, 2007

Wall Street in declines after Fed decision

by Elaine Frei
Wall Street in declines after Fed decision

Wall Street was mixed in early afternoon trade in New York as investors waited for the US Federal Reserve to issue its latest decision on interest rates. The Dow Jones Industrial Average was 0.03 percent lower to 13,464.88, while the Nasdaq Composite had dropped 0.09 percent to 2,544.98 but the S&P 500 had added 0.19 percent to 1,470.52. Shortly after the Fed’s announcement that it would hold interest rates steady for another month, the Dow was down 0.17 percent to 13,445.53, while the Nasdaq had dropped to 0.19 percent lower at 2,452.56 and the S&P had fallen but remained 0.06 percent higher at 1,468.57.

Asia-Pacific equities markets were also mixed on Tuesday. Decliners included Hong Kong’s Hang Seng index, which fell 0.13 percent to 21,907.99 and the Straits Times index in Singapore at 0.21 percent lower to 3,302.01. The Taiex index in Taiwan was also lower, dropping 0.89 percent to 8,862.31. On the other hand, the Sensex added 0.2 percent to 14, 932.77 in India, while South Korea’s Kospi index was 0.26 percent higher to 1,859.82 and the Shanghai Composite was up 0.5 percent to 4,651.22 in China. In Australia, meanwhile, the Sydney Ordinaries gained 1.08 percent to 6,013.6 and the S&P/ASX200 was 1.09 percent higher to 5,985.

The Tokyo markets were mixed as well. The Nikkei 225 managed to end the session 0.04 percent higher to 16,921.77. The Topix index, however, dropped 0.47 percent to 1,660.16, as low as it has gone since January, and the Mother’s market of small and mid-caps fell 2.05 percent to 801.

European markets were higher on the session. The FTSE Eurofirst 300 gained 1.33 percent to 1,523.87. In Frankfurt, the Dax was up 0.93 percent to 7,513.66, while the IBEX added 1.53 percent to 14,652.9 and the CAC-40 was 1.58 percent higher to 5,620. The markets rebounded even more strongly in London as the FTSE 100 added 1.93 percent to 6,308.8 and the FTSE 250 gained 2.15 percent to 11,235.2.

Crude oil prices were higher, while metals prices were mixed. Wheat prices were higher on the Chicago Board of Trade and in Paris as demand was growing as yields were lower in the southern Great Plains, but sugar prices were down on the New York Board of Trade on predictions of growing surpluses.

The US dollar gained on the euro, while sterling weakened on reports that retail sales in the UK hadn’t grown as much as had been expected.

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