STOCK MARKET WATCH, Tuesday September 18

[ozymandius]

Source: du

Tuesday September 18, 2007

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 490 LONG DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 2447 DAYS
WHERE'S OSAMA BIN-LADEN? 2159 DAYS
DAYS SINCE ENRON COLLAPSE = 2120
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 10
Enron execs conveniently deceased = 3
Other Arrests of Execs = 54

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U.S. FUTURES & MARKETS INDICATORS
NASDAQ FUTURES-----------------------------S&P FUTURES

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AT THE CLOSING BELL WHEN BUSH TOOK OFFICE on January 22, 2001
Dow - 10,578.24
Nasdaq - 2,757.91
S&P 500 - 1,342.90
Oil - $27.69/bbl
Gold - $266.70/oz.

AT THE CLOSING BELL ON September 17, 2007

Dow... 13,403.42 -39.10 (-0.29%)
Nasdaq... 2,581.66 -20.52 (-0.79%)
S&P 500... 1,476.65 -7.60 (-0.51%)
Gold future... 723.80 +6.00 (+0.83%)
30-Year Bond 4.71% -0.01 (-0.21%)
10-Yr Bond... 4.47% +0.01 (+0.18%)






GOLD, EURO, YEN, Loonie and Silver

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PIEHOLE ALERT

Heads Up!
Preliminary info on appearances by Bush & Co. throughout the country. Details & links are added as they become available so check back. And if you know more, are organizing something, or would like to, contact [e-mail]

For information on protests and other actions Citizens For Legitimate Government

---

Read more: du

[ozymandius]

1. Market WrapUp: Warming Up the Helicopters

The Next Re-Inflation On the Way?
BY TONY ALLISON

“High inflation countries almost always have high money growth and low inflation countries have relatively low money growth.” Federal Reserve Chairman Ben Bernanke

To cut or not to cut, that is the question. With apologies to Will Shakespeare, the chances of the Federal Reserve standing pat on September 18th are slim to none, and slim just jumped on the last bus out of town. Perhaps it’s just a question of beating a dead horse, or tilting against the mainstream tide of denial, but with a global financial system built on massive debt and easy liquidity, the Fed must re-liquefy the system, and it will. One day the liquidity tide may ebb, but no one can accurately predict when, so for now the party will rage on into the night, keeping all boats afloat.

Actions speak louder than words

While central bankers around the world speak gravely of the dangers of inflation and pledge to protect their citizens against its scourge, their actions speak differently. The money supplies of the world’s largest nations are growing rapidly. According to M3 and M2 statistics, Russia leads the pack with 51% growth this year in its money supply, followed by India 22%, China 20%, Brazil 16%, UK and Australia 14%, Europe 13% and the US 12%. Relatively speaking, the US is showing remarkable restraint, although that may soon change. Can you see a general trend forming here? Do you believe GDP growth is keeping up with these money supply figures?

-cut-

Inflation politically acceptable

Politically, every government in the world would rather opt for inflation, even modest hyper-inflation, over a devastating deflation. (Although a period of deflation might be best for the general population, if market forces were allowed to work. Politically, it would never fly.) For debt-based economies such as ours, inflation is far more politically acceptable. The dollar will buy less over time, but it will be a surreptitious decline (like slowly raising the water temperature in a tub until one is cooked). Asset prices will rise, the stock market will hit new highs, and the banks will prosper. The crisis will be averted. But the purchasing power of the middle class and the retired will suffer greatly. Without realizing why, American’s quality of life will deteriorate. Henry David Thoreau’s famous line that “most men live lives of quiet desperation” will gain resonance in a hyper-inflationary outcome.

Chairman Bernanke has stated repeatedly that he will do whatever it takes to forestall a deflationary depression for the economy. With or without the black helicopters, the Fed will cut rates and inject liquidity into the economy as it feels necessary. The Fed will jawbone all day long about the dangers of inflation and its vigilance to stand firm and hold the line. But the Fed’s actions will speak to its true intentions.

http://www.financialsense.com/Market/wrapup.htm

[ozymandius]

2. Today's Reports

8:30 AM PPI Aug
Briefing Forecast -0.7%
Market Expects -0.3%
Prior 0.6%

8:30 AM Core PPI Aug
Briefing Forecast 0.2%
Market Expects 0.1%
Prior 0.1%

9:00 AM Net Foreign Purchases Jul
Briefing Forecast n/a
Market Expects n/a
Prior $120.9B

2:15 PM FOMC policy statement

[UpInArms]

19. 8:30 reports - incredible drop in food prices! (and I have a bridge to sell, too!)

02. U.S. Aug. PPI energy prices fall 6.6%, most in 4 years
8:30 AM ET, Sep 18, 2007 - 2 minutes ago

03. U.S. Aug. PPI food prices fall for 4th straight month
8:30 AM ET, Sep 18, 2007 - 2 minutes ago

04. U.S. Aug. PPI, core PPI up 2.2% in past year
8:30 AM ET, Sep 18, 2007 - 2 minutes ago

05. U.S. Aug. core intermediate PPI up 1.3% in past year
8:30 AM ET, Sep 18, 2007 - 2 minutes ago

06. U.S. Aug. core intermediate PPI falls record 0.5%
8:30 AM ET, Sep 18, 2007 - 2 minutes ago

07. U.S. Aug. core PPI up 0.2%, vs. 0.1% expected
8:30 AM ET, Sep 18, 2007 - 2 minutes ago

08. U.S. Aug. PPI falls 1.4% vs. 0.4% drop expected
8:30 AM ET, Sep 18, 2007 - 2 minutes ago

[Roland99]

32. Books cooked to set stage for Fed cut or housing bust effects?

[Roland99]

35. Homebuilder Sentiment: NAHB Index - 20 (lowest in 16.5 years) plus foreclosure stats

CNBC reporting the NAHB index is down to 20. Also, 243,947 foreclosure filings in Aug. Up 36% from July and 115 from Aug. 2006. and number of bank repossessions also increasing so owners aren't able to refi or recover.

[ozymandius]

3. Oil hits new intraday high above $81

Oil prices climbed to a new high, above $81 a barrel, on expectations that the U.S. Federal Reserve will cut a key interest rate later Tuesday, a measure that has the potential to bolster the economy and strengthen petroleum demand in the world's largest energy consumer.

Light, sweet crude for October delivery rose as high as $81.24 a barrel in electronic trading on the New York Mercantile Exchange. It has since retreated to $80.73, still up 16 cents midday in Europe.

The contract settled Monday at a record close of $80.57, up $1.47.

Investors expect the Fed to cut the benchmark federal funds rate at least to 5 percent — a quarter-point reduction — to ease pressure on the U.S. credit market.

"The market will be waiting to see how much the Fed cuts interest rates and whether its statement indicates that there may be further rate cuts or not, and those will affect perceptions of the U.S. economy and the demand for oil," said David Moore, commodity strategist with the Commonwealth Bank of Australia in Sydney.

http://news.yahoo.com/s/ap/oil_prices

[ozymandius]

4. Increase in oil, gas drilling projected

BILLINGS, Mont. - Oil and gas drilling on federal lands across the Rocky Mountain West could increase by more than 160 percent over the next two decades due in part to pro-industry regulations enacted by the Bush administration, according to a report by an environmental group.

The Washington, D.C.-based Wilderness Society analyzed drilling plans and said oil and gas exploration was poised to push into some of the West's most environmentally sensitive areas. That includes plans to drill in Colorado's Roan Plateau, the Upper Green River Basin in Wyoming and Montana's portion of the Powder River Basin.

-cut-

At least one federal official questioned the accuracy of the report, arguing it appeared to be based partially on plans that are not yet final.

The report comes amid a bitter debate in Washington over the national security benefits of domestic drilling versus its potential effects on water, air quality and wildlife. Congress is considering legislation that would reverse portions of the administration's 2005 Energy Policy Act to tighten oversight of drilling.

http://news.yahoo.com/s/ap/20070918/ap_on_bi_ge/western_drilling

[Roland99]

31. $81.68

but energy prices dropped last month?

[spotbird]

46. Who believes this hogwash?

It has absolutely nothing to do with reality. It's total fiction.

[Roland99]

65. $81.83 ... now $82.04

[ozymandius]

5. Federal Reserve expected to cut key rate

WASHINGTON - A serious bout of financial market instability has dramatically changed the debate at the Federal Reserve from worries about inflation to concerns about the possibility of a recession.

The Fed is widely expected to cut its target for the federal funds rate, the interest that banks charge each other, on Tuesday for the first time in four years.

Fed Chairman Ben Bernanke, facing his first major test since taking over from Alan Greenspan in early 2006, has been sending signals that he is prepared "to act as needed" to cushion the impact on the economy from the market turmoil.

A change in the funds rate, now at 5.25 percent, is reflected immediately in banks' prime lending rate, the benchmark for millions of consumer and business loans. The prime rate is currently at 8.25 percent.

Most economists are predicting that Bernanke and his colleagues will choose to reduce the federal funds rate only by a quarter point although a few economists see the chance for a bolder half-point move. But analysts agreed that whatever the Fed does on Tuesday will likely not be the last word on the subject.

http://news.yahoo.com/s/ap/20070918/ap_on_bi_ge/fed_interest_rates

[ozymandius]

6. Financials weigh on Asian stock markets

Asian stocks dropped on Tuesday as fresh fears over turmoil in the credit markets weighed on banking shares, though energy companies benefitted from a record price for US crude.

Asian markets showed their worst day for a week as British savers continued to queue up to withdraw money from the Northern Rock mortgage lender, seemingly panicked instead of reassured by the UK government's promise that depositors would not lose money.

Rumours that regional banks might need emergency funds in Australia, the impact of a consumer lender in Japan filing for bankruptcy protection and news from Bank of America (NYSE:BAC) that recent volatility would have an impact on its third quarter results all weighed on the sector.

-cut-

Following a holiday in Japan on Monday, consumer finance lenders were hit by Friday's news that Credia had filed for protection from creditors, becoming the first listed company to collapse as a result of a Japanese government and court clampdown on the industry. Aiful,Acom,Lopro and NIS all saw sharp falls.

-cut-

In Australia the central bank quickly tried to quash rumours that regional lenders needed emergency funds. The Australian and New Zealand dollars - both high-yielding currencies - fell as investors retreated from risk. The Aussie dollar lost 0.5 US cents to 82.84 US cents and the Kiwi dollar fell 0.45 US cents to 70.24 cents.

http://news.yahoo.com/s/ft/20070918/bs_ft/fto091820070614463862

[ozymandius]

7. GM, UAW talks adjourn, job security looms large

DETROIT (Reuters) - Negotiators for the United Auto Workers union and General Motors Corp (GM.N) adjourned labor talks on Monday night, leaving 73,000 GM employees working without a new contract three days after their old one expired.

GM spokeswoman Katie McBride said the two sides agreed to return to the bargaining table in Detroit on Tuesday morning after breaking off talks around 9 p.m. ET.

The union has indicated a willingness to agree to a cost-saving fund for health care and lower wages for new hires but has insisted it needs job-security provisions in return, a person familiar with the union's stance said on Monday.

UAW Vice-President Cal Rapson has told GM that without a commitment to maintain U.S. factory jobs by the top U.S. automaker, he will not be able to get other changes it is seeking ratified by the union's membership, the person said.

-cut-

The outcome of the contract talks is seen as crucial to efforts by the three Detroit-based automakers -- GM, Ford Motor Co (F.N) and Chrysler LLC -- to recover from combined losses of $15 billion last year and sales difficulties that have driven their slice of the U.S. market below 50 percent.

http://news.yahoo.com/s/nm/20070918/bs_nm/gm_uaw_dc

[ozymandius]

8. Banking rebound leads FTSE higher

Bank stocks made sharp gains on Tuesday as news that the UK government would underwrite deposits in crisis-hit Northern Rock steadied investors' nerves.

Dealers also looked forward to the Federal Reserve interest rate decision just after 7pm UK time, which is expected to result in a cut in US rates of 25 basis points, or even 50bp.

In London, the guarantee from Alistair Darling, chancellor of the exchequer, helped avert a run on Northern Rock, sending its shares 11 per cent higher to 315p.

The stock had lost a third of its value in each of the last two trading sessions following last week's news that it needed to be bailed-out by the Bank of England.

However, it was Alliance & Leicester who topped the gainers list. A&L rallied 25 per cent to 755p, retracing much of its sharp fall from the previous session. The mortgage lender had been at the centre of fevered rumours, later denied, that it too had sought emergency credit from the central bank.

http://news.yahoo.com/s/ft/20070918/bs_ft/fto091820070614463861

[ozymandius]

9. Stocks seen up ahead of Fed, Lehman earnings

PARIS (Reuters) - Stocks index futures pointed to a slightly higher open on Tuesday but investors could remain on the sidelines ahead of the Federal Reserve's rate decision and statement as well as quarterly results from Lehman Brothers (LEH.N).

At 0916 GMT, December Standard & Poor's 500 futures were up 0.13 percent, while Dow Jones futures were up 0.11 percent and Nasdaq 100 futures were up 0.09 percent.

Lehman will be the first major investment bank to report third-quarter results, kicking off one of the most closely-watched U.S. brokerage earnings season.

Investors will be looking at the extent of the damage from the crisis in the subprime mortgage market and the credit crunch.

Morgan Stanley (MS.N) will follow on Wednesday, while Bear Stearns (BSC.N) and Goldman Sachs (GS.N) are due to report on Thursday.

http://news.yahoo.com/s/nm/20070918/bs_nm/markets_stocks_dc

[ozymandius]

10. Wall St. awaits the other Fed guy

NEW YORK (CNNMoney.com) -- Stocks appeared poised for a weak opening Tuesday as oil surged to a new intra-day record, but the key event for investors will be the Federal Reserve's eagerly anticipated decision on rates due at 2:15 p.m. ET.

U.S. stock futures were pointing to a mixed start for Wall Street.

Investors expect the Fed to lower its benchmark short-term interest rate at after more than a year without change, but the central bank could disappoint investors if it doesn't cut rates by as much as they hope.

A quarter-percentage point cut is all but certain. But that might not be enough to satisfy markets as some investors have hoped that the Fed will take the federal funds rate down to as low as 4.75 percent, from the current 5.25 percent.

-cut-

The reading of inflation on the wholesale level is forecast to be down 0.3 percent on lower energy prices after a 0.6 percent rise in July. The more closely watched core PPI, which strips out volatile food and energy prices, is seen posting the same 0.1 percent increase as the July report.

The PPI comes the day before the Consumer Price Index, the government's key inflation reading that follows prices at the retail level, is released to the public. The Fed policymakers will get a look at the CPI report before they make their decision.

http://money.cnn.com/2007/09/18/markets/stockswatch_ny/index.htm?postversion=2007091806

[ozymandius]

11. August foreclosures zoom

Sun Belt states catch up with Rust Belt states to lead mortgage delinquency rates, according to a monthly survey.

By Les Christie, CNNMoney.com
September 18 2007: 6:05 AM EDT

NEW YORK (CNNMoney.com) -- Late summer brought no relief from soaring foreclosures. The number of homes in some stage of default jumped 36 percent month-over-month in August, according to a regular monthly survey.

Delinquencies and defaults more than doubled year over year, according to August figures released Tuesday by RealtyTrac, a marketer of foreclosed properties.

-cut-

October is expected to be a peak month for hybrid adjustable rate mortgages (ARMs) to reset, with the interest rates on some $50 billion worth of loans poised to go up dramatically.

In the past few months, the foreclosure story has become a tale of two regions. Some of the hardest hit states have traditionally been in the Midwest, where plant closings and job losses have hit the economy there hard.

-cut-

Nevada led all the other states in the rate of August foreclosure filings: one for every 165 households for a total of 6,197. Other hard-hit, sun-belt states were California (one in 224), Florida (one in 243), Georgia (one in 271), Arizona (one in 289), Colorado (one in 312) and Texas (one in 532).

http://money.cnn.com/2007/09/17/real_estate/August_foreclosures_way_up/index.htm

[hatrack]

27. Don't worry! The Fed rate cut will surely put a stop to all these foreclosures!

:eyes:

[Javaman]

79. naaa, but it will help an aweful lot of rich folks

and really when you get down to it, isn't that what really matters?

:eyes:

[OnceUponTimeOnTheNet]

12. K&R. nt

[UpInArms]

13. dollar watch

http://quotes.ino.com/chart/?s=NYBOT_DX&v=i

Last trade 79.750 Change +0.048 (+0.06%)

Fed Rate Decision: Greater Chance of a 50bp Cut?

http://www.dailyfx.com/story/topheadline/Fed_Rate_Decision__Greater_Chance_1190054434477.html

Update: With the clock ticking until the all-important Federal Reserve decision at 14:15 EST on September 18th, traders are quickly upping the ante and betting that central bank will indeed cut rates. Currently, Fed fund futures are pricing in a 54 percent chance of a 50bp cut against a 46 percent chance of a 25bp cut. On the other hand, compared to when we originally published this report on September 12th, the percentage of economists polled by Bloomberg expecting a 25bp cut has jumped to 78 percent from 69 percent, while only 18 percent expect a 50bp cut, down from 21 percent last week. So who will be proved correct: the markets or economists? More importantly, is there a chance that the Fed will actually do the unexpected and leave rates unchanged?

Previous Article Published on 9/12/07:

The biggest debate in the currency markets at the moment surrounds what the Federal Reserve will do on September 18th. We expect the upcoming interest rate decision to create a great volatility in the financial markets because with less than a week to go, economists and traders have yet to reach a consensus on how much the Federal Reserve will lower interest rates, if at all. According to the 117 economists surveyed by Bloomberg, 69 percent expect a quarter point cut, but according to a DailyFX Poll of 255 voters, only 48 percent expect the Fed to move.

It has become painfully obvious that Federal Reserve Chairman Ben Bernanke has encountered the “first year curse,” where new Fed Chairman are faced with a major financial crisis shortly after taking office. The recent rally in the global equity markets and the sell-off in the US dollar indicate that some type of easing is expected, but the question is still, “do current conditions and future outlooks warrant a 25 or 50 basis point rate cut?” In our opinion, this is really a question of whether the Fed chooses to deal with the problems in the US economy proactive or reactively. A 25bp cut would be putting be a band aid on the subprime and credit crisis in hopes that the problem does not exacerbate while a 50bp cut would represent an aggressive move by the Federal Reserve to tackle the problem before it worsens.



...more...

How Will the Currency Market React to the Fed Rate Decision?

http://www.dailyfx.com/story/bio1/How_Will_the_Currency_Market_1190065302180.html

Tomorrow’s Federal Reserve interest rate announcement will be a defining point for the currency market. After leaving interest rates unchanged since June 2006, the Fed is expected to make their first policy adjustment in over a year. Fed fund futures are currently pricing in a 54 percent chance of a 50bp cut against a 46 percent chance of a 25bp cut. Leaving rates unchanged is not a conceivable option. How the markets will respond to tomorrow’s decision will be dependent upon not only what the Fed does, but also what they say. If the Fed cuts rates by 25bp and remains hawkish, we expect the stock market to drop, the US dollar to rise and carry trades to suffer because a quarter point cut would be seen as a disappointment to a market that is looking for the Fed to be ahead of the curve, not behind it. With oil prices hitting a new record high at a time when LIBOR rates are falling off their highs and the stock market stabilizing, Bernanke may not be willing to drop his inflation fighting bias. The mildest reaction in the markets on the other hand may be off of a 25bp cut that is accompanied with warning of more easing to come. This indicates that Bernanke is not committing to anything but he acknowledges the fact that the economy is in trouble. In this case, we expect the dollar to weaken slightly. A half point cut by the Fed however will most likely result in a sharp drop in the US dollar and a nice pop in the stock market, which may be bullish for carry trades because a larger interest rate cut would be seen as an uncharacteristically proactive move by Bernanke. Of all these scenarios, we think that the Fed will only put a band aid to the growing problem by reducing 25bp even though the market really needs a half point cut. Meanwhile the only piece of economic data released today was the Empire State Manufacturing survey which was much weaker than expected. The employment component was the highest since December 2006 but this tends to have a weak correlation with non-farm payrolls. Aside from the FOMC rate decision, we are also expecting producer prices, Treasury international capital flows and the NAHB housing market index. This of course will be overshadowed by the market’s expectations for the Fed rate decision.

...more...

[UpInArms]

14. Accredited Home posts big loss; survival in doubt

http://www.reuters.com/article/bondsNews/idUSN1839478920070918?sp=true

NEW YORK, Sept 18 (Reuters) - Accredited Home Lenders Holding Co (LEND.O: Quote, Profile, Research), a struggling subprime mortgage lender, on Tuesday posted a $260.2 million quarterly loss and said it remained unsure it would survive the fallout from a slumping U.S. housing market.

The loss was $10.29 per share for the quarter that ended March 31, according to a delayed first-quarter report filed with the U.S. Securities and Exchange Commission. That compared with a profit of $35.8 million, or $1.61 per share, a year earlier.

Accredited said quarterly net revenue totaled negative $134.6 million, including a $178.9 million loss from the sale of mortgage loans.

Earlier this month, San Diego-based Accredited closed much of its lending operations, eliminating 1,600 of 2,600 jobs. Subprime lenders make home loans to people with poor credit. Dozens have curtailed lending or quit the industry this year as defaults rose and investors stopped buying subprime loans.

Accredited said it expects to need further amendments to or waivers of covenants in its credit facilities in 2007.

"We face significant challenges due to adverse conditions in the non-prime mortgage industry, and we cannot assure you that we will continue to operate as a going concern," it said.

...more...

[ozymandius]

39. Mortgage crisis deepens at Impac, Accredited

NEW YORK (Reuters) - The mortgage lending crisis deepened on Tuesday, as Impac Mortgage Holdings Inc (NYSE:IMH - News) said it will quit most lending and cancel its dividend, while Accredited Home Lenders Holding Co (NasdaqGS:LEND - News) posted a big quarterly loss and said its survival remained in doubt.

The developments came a day after another struggling lender, NovaStar Financial Inc (NYSE:NFI - News), gave up its real estate investment trust status sooner than expected because it could not pay a $157 million dividend to keep it.

Dozens of mortgage lenders have quit the industry this year, including many that have gone bankrupt, amid rising defaults, falling home prices and investor resistance to buying home loans they now consider too risky.

Impac said it has fired 144 workers and will stop making "Alt-A" home loans, its main business, citing "market disruptions and illiquidity." Such loans often go to people who cannot document income or assets.

-cut-

Accredited, which makes subprime loans to people with weaker credit, posted a loss of $260.2 million, or $10.29 per share, for the quarter ended March 31, according to a delayed report filed with securities regulators. That compared with a profit of $35.8 million, or $1.61 per share, a year earlier.

http://biz.yahoo.com/rb/070918/mortgage_lenders.html?.v=4

[UpInArms]

15. Coventree slashes costs, staff amid credit crunch

http://www.reuters.com/article/bondsNews/idUSN1826751720070918

TORONTO, Sept 18 (Reuters) - Coventree Inc (COF.TO: Quote, Profile, Research) said on Tuesday it would slash 30 percent of its staff to cut costs amid a credit crunch in the asset-backed commercial paper market.

The small structured finance firm, which was at the centre of last month's credit woes in Canada, said the reduction would result in about C$1 million in severance and other related costs, which will be recorded in its fourth quarter ending Sept. 30.

The measures include closing its U.S. office in Denver, Colorado, and reducing office space in Toronto.

Coventree said in both cases, the office spaces were leased under long-term contracts and it would explore its options to reduce and eliminate future costs of the leases. But it warned the costs which are not recoverable would be written off.

...more...

[UpInArms]

16. Critics chide Greenspan but maestro legacy endures

http://www.reuters.com/article/reutersEdge/idUSN1734427320070918?sp=true

WASHINGTON (Reuters) - Alan Greenspan's record was under attack as his memoir hit bookstores on Monday, with critics lambasting him for inflating asset bubbles and undermining fiscal discipline in Washington. But his reputation as one of the world's best-ever central bankers will endure.

New York Times columnist Paul Krugman was scathing of the former Federal Reserve chairman's admission of disappointment in the fiscal policy of U.S. President George W. Bush.

"That criticism comes six years late and a trillion dollars short," Krugman wrote in the Times on Monday.

Greenspan is at pains in the book to point out that while he advocated lower taxes, he called for them to be twinned with spending restraint. In fact, this fiscal discipline was not forthcoming from the White House, which placed "little value" on the long-term consequences of their action, he wrote.

Critics also say ultra-low interest rates on Greenspan's watch are partly to blame for getting the economy into its current predicament, in which a deflating housing bubble has raised the risk of a recession.

...more...

[UpInArms]

17. Dole recalls bagged salads due to E. coli

http://www.reuters.com/article/topNews/idUSWEN101020070918

LOS ANGELES (Reuters) - A division of Dole Food Co said on Monday it was recalling some bagged salads sold in the United States and Canada because a sample at a Canadian grocery store was found to contain E. coli.

Dole Fresh Vegetables said it has not received any reports that anyone has become sick from eating the products. The recall covers "Dole Hearts Delight" salads sold with a "best if used by" date of September 19.

In recent months, Dole has stepped up its testing and tracking of produce to prevent outbreaks of E. coli such as the one linked to bagged spinach last year that sickened hundreds and killed three.

Several other high-profile food safety scares in the last year have aggravated concerns among consumers and federal health regulators, including an E. coli outbreak linked to Yum! Brands Inc's Taco Bell restaurants in the U.S. Northeast and a salmonella contamination of Peter Pan peanut butter made by ConAgra Foods Inc that sickened 425 people.

...more...

[DemReadingDU]

23. Recall of bagged salad sold in several states & Canada

SAN FRANCISCO -- The Dole Food company has issued a recall of bagged salad after a sample tested positive for E. coli, but the company said it has received no reports of illness.

The voluntary recall affects all packages of Dole's Hearts Delight salad mix sold in the United States and Canada. The packages in question have a "best if used by" date of Sept. 19, 2007, and a production code of "A24924A" or "A24924B."

The product was sold in Ontario, Quebec and the Maritime Provinces in Canada. It was also sold in Illinois, Indiana, Maine, Michigan, Mississippi, New York, Ohio, Pennsylvania, Tennessee and neighboring U.S. states.

A company spokesman said the romaine, green leaf and butter lettuce hearts in the blend were grown in California, Colorado and Ohio. They were processed at Dole's plant in Springfield, Ohio, earlier this month.


http://www.whiotv.com/news/14138240/detail.html


edit to add more info...

The romaine, green leaf and butter lettuce hearts that went into the blend were grown in California, Colorado and Ohio, then processed at Dole's plant in Springfield, Ohio on Sept. 6, according to Marty Ordman, a Dole spokesman.

Eighty-eight cases — or 528 bags — were distributed in Canada and 755 cases containing 4,530 bags in the U.S.

http://www.daytondailynews.com/n/content/oh/story/news/local/2007/09/18/ddn091807lettucerecall.html


Big news for my area near Springfield, Ohio.

[UpInArms]

18. New York Times to end paid Internet service

http://www.reuters.com/article/newsOne/idUSWEN101120070918

NEW YORK (Reuters) - The New York Times Co said on Monday it will end its paid TimesSelect Web service and make most of its Web site available for free in the hopes of attracting more readers and higher advertising revenue.

TimesSelect will shut down on Wednesday, two years after the Times launched it, which charges subscribers $7.95 a month or $49.95 a year to read articles by columnists such as Maureen Dowd and Thomas Friedman.

The trademark orange "T's" marking premium articles will begin disappearing Tuesday night, said the Web site's Vice President and General Manager Vivian Schiller.

The move is an acknowledgment by The Times that making Web site visitors pay for content would not bring in as much money as making it available for free and supporting it with advertising.

"We now believe by opening up all our content and unleashing what will be millions and millions of new documents, combined with phenomenal growth, that that will create a revenue stream that will more than exceed the subscription revenue," Schiller said.

...more...

sigh - now we can read Krugman's columns with regularity again :D

[54anickel]

20. I'd be pissed if I recently sent them $49.95...Then again, maybe NOBODY has. n/t

[Buttercup McToots]

21. USD $79.52 @ 9:18 am

:donut:

[JNelson6563]

22. When's the Rate Cut Extravaganza begin?

:shrug:

[Roland99]

24. 2:15pm eh?

[specimenfred1984]

34. There's usually 3 moves after a Fed decision, each lasting about 10 minutes

and 30 minutes after the announcement the real trend begins in the stock markets. Of course, there hasn't been a "real" trend in the markets for several years now, it's pure corruption and manipulation.

[Roland99]

68. Seems to have been 3 separate jumps: 200; 250; 300

[DemReadingDU]

25. Mike Whitney: The Triumph of Structured Finance

9/17/07 Failing banks, toxic bonds and mortgage laundering

By now, you’ve probably seen the photos of the angry customers queued up outside of Northern Rock Bank waiting to withdraw their money. http://news.bbc.co.uk/2/hi/uk_news/6998507.stm The pictures are headline news in the UK but have been stuck on the back pages of US newspapers. The reason for this is obvious---the same Force 5 economic-hurricane that just touched ground in Great Britain is headed for America and gaining strength on the way.

This is what a good old fashioned bank run looks like---the likes of which we haven’t seen since the Great Depression. And, just like 1929, the bank owners are frantically trying to calm down their customers by reassuring them that their money is safe. But—human nature being what it is---people are not so easily pacified when they think their hard-earned savings are at risk. The bottom line is this: The people want their money---not excuses.

“Structured finance” is touted as the “new architecture of financial markets”. It is designed to distribute capital more efficiently by allowing other market participants to fill a role which used to be left exclusively to the banks. In practice, however, structured finance is a hoax; and undoubtedly the most expensive hoax of all time. The transformation of liabilities (dodgy mortgage loans) into assets (securities) through the magic of securitization is the biggest boondoggle of all time. It is the moral equivalent of mortgage laundering. The system relies on the variable support of investors to provide the funding for pools of mortgage loans that are chopped-up into tranches and duct-taped together as CDOs (collateralized debt obligations). Its madness; but no one seemed to realize how crazy it was until Bear Stearns blew up and they couldn’t find bidders for their remaining CDOs. It’s been downhill ever since.

more...
http://www.informationclearinghouse.info/article18410.htm

[kineneb]

37. pessimistic- yes, accurate- yes.

I have been collecting Mike Whitney's columns, and sending them off to a friend w/o internet access. The stuff he predicted earlier has been sooo right on the mark. His writing is clear, not economic-babble.

[Roland99]

26. Just finished watching the Greenspan interview by Maria Bartiromo (DVR'd it)

She was like a lovestruck teen on almost every single question.

Clinton was once termed a "Teflon President" but he couldn't hold a candle to the Kevlar surrounding Greenspan.

[AnneD]

75. The only other person....

that I've seen her get wetter over was Welch. I swear she must have been wearing knee pads. Oh, did I say that out loud:spray:

They like to say that her show is where Main Street meets Wall Street but the only folks I see her giving any action too is WS.

You should have seen how shocked she was that week the low jobs report came out. Now when she does the report when the market really tanks....that's the one to tape. I do love that deer in the headlights looks she has when she is REALLY shocked.

[TrogL]

28. Loonie Watch

Highlights

Current:



30-day and 90-day vs.greenback:



30-day vs. Euro, Yen, UK Pound and Swiss Franc




Currency Comparison: http://members.shaw.ca/trogl/looniewatch.html

Detailed analysis: http://quotes.ino.com/exchanges/?r=CME_CD

Up-to-the-minute graph: http://quotes.ino.com/chart/?s=CME_CD.Y%24%24&v=s&w=5&t=l&a=1

Historical values http://www.x-rates.com/d/USD/CAD/data30.html

2007-08-17 Friday, August 17 0.940291 USD
2007-08-20 Monday, August 20 0.94518 USD
2007-08-21 Tuesday, August 21 0.943307 USD
2007-08-22 Wednesday, August 22 0.94162 USD
2007-08-23 Thursday, August 23 0.946432 USD
2007-08-24 Friday, August 24 0.950119 USD
2007-08-27 Monday, August 27 0.951022 USD
2007-08-28 Tuesday, August 28 0.941974 USD
2007-08-29 Wednesday, August 29 0.944109 USD
2007-08-30 Thursday, August 30 0.946342 USD
2007-08-31 Friday, August 31 0.94697 USD
2007-09-03 Monday, September 3 0.94697 USD
2007-09-04 Tuesday, September 4 0.953016 USD
2007-09-05 Wednesday, September 5 0.951656 USD
2007-09-06 Thursday, September 6 0.949307 USD
2007-09-07 Friday, September 7 0.948227 USD
2007-09-10 Monday, September 10 0.949487 USD
2007-09-11 Tuesday, September 11 0.958773 USD
2007-09-12 Wednesday, September 12 0.964134 USD
2007-09-13 Thursday, September 13 0.968617 USD
2007-09-14 Friday, September 14 0.971628 USD
2007-09-17 Monday, September 17 0.970214 USD

Current values

Loonie:

Last trade 0.9775 Change +0.0037 (+0.38%)
Previous Close 0.9740 Open 0.9766
Low 0.9765 High 0.9808


Other combinations:

AS.M07 AUSTRALIAN $/CANADIAN $ Sep (NYBOT) 0.8626 -0.0048
HY.M07 CANADIAN $/JAPANESE YEN Sep (NYBOT) 122.12 +0.44
RA.M07 EURO/AUSTRALIAN $ Sep (NYBOT) 1.65200 +0.00485
GB.M07 EURO/BRITISH POUND Dec (NYBOT) 0.6978 -0.0011
EP.M07 EURO/CANADIAN $ Dec (NYBOT) 1.4270 -0.00285
EJ.M07 EURO/JAPANESE YEN Sep (NYBOT) 159.92 +0.14
EU.M07 EURO/US$ (LARGE) Sep (NYBOT) 1.3876 +0.00001


Blather (from http://quotes.ino.com/exchanges/?r=CME_CD)

The December Canadian Dollar was steady to slightly higher overnight as it extends last week's rally above July's high crossing at .9692. At the same time, stochastics and the RSI are overbought and are turning neutral hinting that a short-term top might be near. Closes below the 20-day moving average crossing at .9552 would confirm that a short-term top has been posted. Overnight action sets the stage for a steady to higher opening in early-day session trading.



Analysis

The bot's full of it as usual. With Greenspan's comments from the other day and some of the other news that came out yesterday, there's no top in sight 'cause there's no bottom to the greenback in sight.

I'm gonna go out on a limb and predict parity by sometime next week or even earlier.

[TrogL]

29. Canadian Stocks Showing A Lack Of Direction In Morning Trading - Canadian Commentary

http://news.ino.com/headlines/?newsid=91820070770

With traders unwilling to make any significant moves ahead of the U.S. Federal Reserve's interest rate decision this afternoon, Canadian stocks are showing a lack of direction in morning trading on Tuesday.

The S&P/TSX Composite Index has been bouncing back and forth across the unchanged line, unable to sustain any significant moves. The index is currently posting a modest loss, down 1.43 at 13,808.43.

The choppy trading comes as traders continue to express some uncertainty about whether the Federal Reserve will decide to cut interest rates after leaving them unchanged for over a year.

[TrogL]

83. HOLY CRAP!!!!!! ... errr, Update

Current:



Historical values http://www.x-rates.com/d/USD/CAD/data30.html

2007-09-18 Tuesday, September 18 0.977135 USD


Current values

0.9842 Change +0.0104 (+1.07%)

Settle Time 15:13 Open 0.9766

Previous Close 0.9740 High 0.9844

Low 0.9765


Loonie:

Last trade 0.9842 Change +0.0104 (+1.07%)
Previous Close 0.9740 Open 0.9766
Low 0.9765 High 0.9844


Blather

http://news.ino.com/headlines/?newsid=91820071258 - (requires free subscription)

Dollar Slips To Five-Week Low Versus Peso
this minute

(RTTNews) - The dollar dropped to a five-week low against the peso on Tuesday in New York. The greenback fell sharply after the Federal Reserve's decision to lower interest rates by 50 basis points was announced. The buck continued to move lower into the late afternoon and is currently moving at a low of 10.9873.


...and....

http://news.ino.com/headlines/?newsid=91820071200 - (ibid)

Canadian Stocks Close Sharply Higher Following U.S. Interest Rate Cut - Canadian Commentary
36 minutes ago

(RTTNews) - With traders reacting positively to the U.S. Federal Reserve's announcement of its decision to cut interest rates, Canadian stocks moved sharply higher in the latter part of the trading day on Tuesday. The S&P/TSX Composite Index showed a particularly strong upward move.

After showing a lack of direction for much of the session, the S&P/TSX Composite rallied strongly following the announcement from the Fed. The index ended the session up 195.54 at 14,005.40, its first close above the 14,000 level late July.

Analysis

I see the Dow took off like a rocket as well.

I'm not sure what school the U.S. Federal Reserve follows but my understanding of Keynes is you drop interest rates to stimulate the econonmy, just like they've done. The problem is, we're not in a classical Keynesian situation. The infrastructure sucks, there IS no industry to stimulate so everybody's just going to be taking in each other's laundry a little faster (and washing it in Chinese-manufactured washing machines).

[DemReadingDU]

85. USD $79.168 7:30pm, WOW

http://quotes.ino.com/chart/?s=NYBOT_DX&v=i



:wow:

[TrogL]

87. Closing report

Blather (received by email)

The December Canadian Dollar gapped up and closed sharply higher on Tuesday as it extended last week's breakout above July's high crossing at .9689. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. December continues to extend this month's rally into new uncharted territory making upside targets hard to project. Closes below the 10-day moving average crossing at .9629 would confirm that a short-term top has been posted. First resistance is today's high crossing at .9844. First support is today's gap crossing at .9757 then broken resistance marked by July's high crossing at crossing at .9689.

[Roland99]

30. Does Faux own part of CBNC?

I haven't seen CNBC in a few years. Been home this week fighting the flu (and feeing better now) and have been watching it to avoid the nonstop O.J. Spears crap. What I'm seeing is like Hannity and Colmes or Cavuto. Nothing but rah rah and the economy is great and the markets are strong and the Fed is a good friend and the admin is great. Any opposing views are token in nature and met with condescension and dismissal.

Obama was correct yesterday in his address to a group at Wall St: that investment banks and brokerages are too focused on short-term gains and not paying attention to how middle america is being affected.

[DemReadingDU]

33. Glad you are feeling better

7/12/07 News Corp. to Launch Rival to CNBC
If Murdoch Buys Wall Street Journal, He'd Use Staff for Network

Rupert Murdoch's News Corp. announced yesterday that the company's long-rumored cable-TV business news channel will launch Oct. 15.

Now all he needs is a newsroom full of Wall Street Journal reporters to help fill the airtime.

more...
http://www.washingtonpost.com/wp-dyn/content/article/2007/07/11/AR2007071102151.html

[Roland99]

36. Thanks

:hi:

[kineneb]

38. US business- all are focused on short-term gain

there is absolutely no consideration of long-term consequences. Hubby worked for a number of computer companies, and each one commited suicide by only looking for short-term gains. They were focused on the next quarter, never the next year or the next five years. Hence, most are out of business.

Ever hear of...

NorthStar or Dual computers? Gone.
WorldCom... we all know what they did. Yup, short-term thinking and corruption.

editorial-perhaps the best thing for business is to take all the "bean-counters" and lose them at sea. Replace them with people who know how to balance a budget and run a household. I could have done a much better job than any of the CEOs/accountants at those companies.

[ozymandius]

40. just before the announcement

2:09Dow 13,475.12 Up 71.70 (0.53%)
Nasdaq 2,590.64 Up 8.98 (0.35%)
S&P 500 1,485.50 Up 8.85 (0.60%)
10-Yr Bond 4.501% Up 0.031
NYSE Volume 1,434,561,000
Nasdaq Volume 982,325,000

2:00 pm : With the Fed announcement now only about 15 min away, the indices have made a slight move higher, but investors mainly continue in their holding pattern in anticipation of the Fed's decision.

After the announcement, the indices could see a number of knee-jerk reactions before settling on a direction as investors digest the decision and any commentary from Mr. Bernanke.

Gains in the indices continue to be broad based across sectors and market caps, while bonds continue to tick lower ahead of the Fed.

DJ30 +79.83 NASDAQ +11.22 SP500 +10.23 NASDAQ Dec/Adv/Vol 1.13 bln/1.70 bln/2.98 bln NYSE Dec/Adv/Vol 921 mln/2.32 bln/3.33 bln

[hang a left]

41. What are the chances that the rate stays the same?? nt

[Roland99]

42. .50% cut in Fed funds *and* discount rates!

CNBC reporting

[olddad56]

45. just psotponing disaster.

[ozymandius]

48. Indeed.

This is like loaning money or your car title to a crack addict.

[Roland99]

51. Well, it's good for me. I'll be in the housing market late next spring

Rates should be low still by then. But I'm curious what this is doing to the dollar. Feels like a short-term bailout for banks/mortgage lenders in trouble to spare the gov't from infusing more money...er...debt...errr.....

[ozymandius]

53. I remember the word being that

a small cut will nick the dollar. A big cut will stab the dollar in the heart. From the WrapUp:

Look for the Fed to receive assistance from European and Japanese central banks by way of purchasing Treasury Bonds to help prop up the dollar after September 18th. An imploding US dollar will not benefit any of the major players, so a coordinated global re-inflation may be required. The one potential winner, longer term, is likely to be gold. For the near term, gold may be sold by foreign central banks to protect the dollar by driving down the gold price.

http://www.financialsense.com/Market/wrapup.htm

[Roland99]

59. Which is happening. Gold was up $7-8 but now down .1

[Roland99]

43. Dow up 220! 2-yr bond down to 3.95%

[ozymandius]

47. Watch out! Some cheerleader indigestion could occur.

[ozymandius]

44. Fed cuts rates by half point each

WASHINGTON (MarketWatch) - The Federal Open Market Committee cut its benchmark federal funds rate by a half percentage point to 4.75%. In an effort to ease the credit crunch, the Federal Reserve also reduced its discount rate in lockstep to 5.25%.

http://www.marketwatch.com/news/story/federal-reserve-cuts-federal-funds/story.aspx?guid=%7B66F1F431%2D9B9F%2D4744%2D9E9A%2D740FF569EA0D%7D&dist=

[DemReadingDU]

49. This is crazy

The Fed is looking out for the wealthy, gotta preserve their assets.

:crazy:

[lovuian]

50. Half a point WOW that means we are in some big time

trouble WHOAH the prediction was a quarter point

WOW this is going to get ugly

[Roland99]

52. 'You don't encourage lending by lowering rates'

CNBC analyst. Also. fmr Fed Gov Susan Bies says past history can't be used to forecast. It's different now with low teaser rates on mortgages Her sentiment was it will get worse.

[Roland99]

54. Jim Cramer going insane. 'People will start shopping now! People will be hired!

Doesn't care about the weak dollar. He's the ultimate short-term cheerleader.

[hatrack]

56. "Going" insane?

Cramer = :puke:

[ozymandius]

57. He's a pornographic clown.

He was hired for his personality. Not his smarts.

[TheWatcher]

61. People will Start Shopping, Jobs will be magically created

Foreclosures will stop, the Median Price for all homes will go to $1,000,000, The Dollar will stabalize, Wold Peace will emerge, hunger and famine will cease.

We really do live in Rome folks.

Front Row seats to the end of a once great country.

The Ultra Rich should remember one thing.....

They will share our fate too. Eventually.

[Delphinus]

71. They sure will

(eventually share our fate). Excellent point that's always forgotten.

[amandabeech]

67. Yes, and imported stuff that's not from China (where they have a fixed exchange rate),

will be higher since the dollar is going to go down.

Eventually, however, it won't be just the U.S. cajoling China to let its currency appreciate. Every other country with a floating currency is going to take a bigger hit in the adjustment period if China doesn't play its part.

The carry trade involving yen won't look quite so good, either, lowering demand for both yen and U.S. $.

I'll be interested in seeing what happens in Asia this evening.

[ozymandius]

55. I declare that the cuts were never intended to help homeowners.

These cut were designed to help banks cover their losses. Some serious shit comes to call.

[lovuian]

60. ozy your right its to help the banks

England is scaring the banks to death

the run on North Rock continues its scaring the hell out of them

[harun]

64. The view of the Fed is never the little guy, the view of the Fed

is to keep the big boys from destroying themselves, then let the little guy feed off the scraps.

[specimenfred1984]

66. Exactly right, it temporarily props up corrupt institutions

who will simply rip off all its enslaved customers with other fees, gimmicks, terms, hidden costs and pure lies. With food and crude and health care rising well above incomes, a rate cut doesn't do a darn thing to address the rampant corruption inherent in our system.

[fedsron2us]

70. Thank God all those Wall Street bonuses have been saved

I was really worried about them for a moment.

nb - What happens if the IR cut does not have the desired effect ? Will Bernanke have any other party tricks left ?

[AnneD]

77. I am ...

four square behind you on that. Keep your eyes on the moving shells folks, the big boys are proping up the market long enough to get their profits out and leaving.

If this were a football game-I think this is the 2 minute warning. IMHO. I could see .25 but .50 is a shocker.

[RawMaterials]

80. I think they will take it to 15k before dumping down to 7-8k n/m

[AnneD]

82. Watch these....

hedge funds too!

[Roland99]

58. Dow up 260. NASDAQ up 57

[ozymandius]

62. see you later folks

after the closing bell...

My son needs a ride home.

:hi:

[Roland99]

63. Later. I have to play taxi in an hour. myself

[Roland99]

69. Dow up 300; NASDAQ up 60; Oct oil $82.20

[nadinbrzezinski]

73. that is the half percent cut at work

wanna bet on that?

[Roland99]

74. Oh of course. Dow was trading at +70-+90 thru most of the day.

Within seconds of the announcement of the 50 basis pt cut, the Dow shot up over 100pts.

[ozymandius]

76. Now we see the dollar reflected in the price of oil after the rate cut.

You, me, everybody. We're gonna get killed at the pump in 30-60 days.

[Roland99]

72. Sec. Chao on CNBC now.

Saying markets always follow the economy and that the economy is healthy. Private sector job creation rate last month was positive while public sector jobs dropped 8,000. Calling it a reporting problem.

Saying jobs since Aug. 2003 are 8.2 million net new jobs.

:wtf:

[AnneD]

78. They just aren't blowing smoke up ....

up your proverbal skirt....

you're getting a first class blow job. :evilgrin:

[Roland99]

81. Well, there are 8.1 million jobs created since Oct. 2003 *IF* you use the MODIFIED numbers!!!

Check this out!

Something happened this year to inflate numbers going back to 2005!!!

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x1836639


The original numbers show a 7.1 million job increase since Oct. 2003.

They've exaggerated jobs by 1 million!!

[AnneD]

86. Good leg work....

:thumbsup:

[ozymandius]

84. closing numbers - read 'em and weep 'cause it's a sucker rally

Dow 13,739.39 Up 335.97 (2.51%)
Nasdaq 2,651.66 Up 70.00 (2.71%)
S&P 500 1,519.78 Up 43.13 (2.92%)
10-Yr Bond 4.48% Up 0.01
NYSE Volume 3,708,936,000
Nasdaq Volume 2,154,394,000

4:20 pm : A big decision by the Federal Open Market Committee fueled a big day for the stock market.

The major indices were already trading with modest gains ahead of the 2:15 ET decision from the FOMC. Those gains were built on the back of a better-than-feared earnings report from investment bank Lehman Bros. (LEH 64.49, +5.87), stronger than expected results from retailer Best Buy (BBY 47.46, +2.92) and a reassuring PPI report for the month of August.

The action prior to the FOMC decision, though, paled in comparison to what came after the FOMC's decision to cut both the fed funds rate and the discount rate by 50 basis points to 4.75% and 5.25%, respectively.

Conventional wisdom was that the FOMC would cut the fed funds rate by just 25 basis points; and there was uncertainty as to what the FOMC would do with the discount rate.

As it turned out, the FOMC took the aggressive road. In doing so, it created a great source of relief for the stock market that manifested itself in huge gains for the major indices. The Dow, Nasdaq and S&P all rallied better than 2.0%.

The FOMC's rationale for the aggressive move was that it wanted to "forestall some of the adverse effects on the broader economy that might otherwise arise from the disruptions in financial markets and to promote moderate growth over time."

Although the Committee judged that some inflation risks remain, the statement did not convey as much concern about the inflation outlook as past statements. The Treasury market for its part registered some inflation concerns as the back end of the Treasury curve underperformed the front end by a significant margin, resulting in some noteworthy curve steepening that will benefit the banking industry.

The financial sector (+4.5%) was today's stalwart as it took off amid the confluence of good news that included the Lehman Bros. report, the rate cut action, and the curve steepening. It had plenty of company as every economic sector ended with a gain. The laggard of the bunch was the defensive-oriented consumer staples sector, which jumped "only" 1.75%.

To be sure, there was a clear orientation toward growth in today's showing as the materials (+4.2%), consumer discretionary (+3.3%), industrials (+3.2%) and energy (+3.0%) sectors rounded out the list of the best-performing sectors.

The commodity index also reflected the growth orientation. Copper prices rallied 2.6% while oil prices jumped to $82.10 per barrel in extended action. The rate cut decision weighed on the dollar, which stoked some inflation concerns and helped drive up gold prices 1.6%.

The major indices ended at their highs for the session on a pickup in volume that followed the FOMC announcement.DJ30 +335.97 NASDAQ +70.00 SP500 +43.13 NASDAQ Dec/Adv/Vol 642/2355/2.12 bln NYSE Dec/Adv/Vol 346/3019/1.65 bln