Wait for the Fed, Wall Street Weakens?

NEW YORK BLOG MAKE MONEY $ - Wall Street stocks closed lower for second consecutive day on Tuesday (31/07/2012) local time (GMT Wednesday), as investors awaited the results of a two-day meeting of the board of Federal Reserve monetary policy.
    

The Dow Jones Industrial Average closed at 13008.68, down 64.33 points or 0.49 per cent. S & P 500 index fell 5.98 points, or 0.43 percent, to 1379.32 and the Nasdaq composite index fell 6.32 points, or 0.21 percent, to 2939.52.


"Tomorrow will come at the end of the statement of Federal Reserve monetary policy meeting, and what can be held, seems to be the focus of the day," analysts at Charles Schwab & Co., said.


Dick Green at Briefing.com noted that most economists expect the Federal Open Market Committee (FOMC) will delay any additional easing measures until at least September. FOMC statement is expected Wednesday at 14:15 local time (18:15 GMT). "Tomorrow may be stable," said Green.
    
Investors have a number of economic data to be weighed, including figures on consumer confidence, personal income and spending, and housing prices.


The Commerce Department reported that personal spending in June, the main driver of the U.S. economy, is essentially flat, while revenue rose 0.5 percent, slightly better than expected.


Consumer confidence rose slightly in July after four months of declines as sentiment remains around historically low levels, according to a closely watched private survey released by the Conference Board.
source: KOMPAS.com

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