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U.S. stocks in mixed start to week
Calcutta News.Net
Monday 30th June, 2008
U.S. stocks started the week poorly Monday with blue chips moving up slightly, and the Nasdaq falling.
At the close of trading Monday the Dow Jones industrials were up just 3.50 points or 0.03% at 11,350.01.
The Nasdaq Composite was down 22.65 points or 0.98% at 2,292.98.
The Standard and Poor's 500 was up 1.62 points or 0.13% at 1,280.00.
Monday saw a better than forecast Chicago PMI, which rose from 49.1 to 49.6, well ahead of expectations of 48.0.
Despite the July 4 holiday weekend coming up, markets will confront a number of key reports, including June manufacturing ISM, May durable goods orders, factory orders, non-manufacturing ISM, and the June labor report. Manufacturing ISM in June is seen remaining beneath the key 50-level to 49.0 from 49.6 in May. Thursday’s labor report is likely to be mixed with the unemployment rate improving to 5.4% in June, down from 5.5% in May, and non-farm payrolls posting another decline at minus 43,000. This would be an improvement over the previous month which recorded a loss of 49,000 jobs.
Central bank policy decisions include the ECB and RBA, with only the European Central Bank expected to change rates. The ECB is largely anticipated to raise interest rates by 25-basis points to 4.25%. The key point of focus will be on the subsequent policy statement from Bank President Trichet. Given Eurozone inflation rates at record highs, Trichet’s statement will be closely scrutinized for clues as to whether additional policy tightening can be expected. Forex News says it continues to look for further rate hikes from the ECB and foresees another 25-basis point increase by the fourth quarter, bringing rates to 4.5%.
The U.S. dollar was pounded but clawed back some of its losses by the New York close Monday. The euro ended the day around 1.5743, and the yen at 106.14.
Stering was stronger at 1.9915, and the Swiss franc at 1.0214.
The Australian dollar dipped to .9577, while the Canadian dollar fell to 1.0199.
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