Stocks Dip as Fed Meets

Fed inaction spurs recovery from bad economic news
By Nick McMaster,  Newser Staff
Posted Jun 24, 2008 3:46 PM CDT
Stocks Dip as Fed Meets
Stock trader John Law, with Bank of America, watches his screens at the New York Stock Exchange on Tuesday, June 24, 2008 in New York.   (AP Photo/Mark Lennihan)

The markets seesawed throughout today's session, closing down slightly as a minor rally in financials offset bad economic news and warnings of a poor quarter for UPS, MarketWatch reports. The Dow fell 34.93 to 11,807.43, Nasdaq dropped 17.46 to 2,368.28, and the S&P 500 lost 3.71 to finish at 1,314.29.

As the Fed began its 2-day meeting, the Conference Board announced that consumer confidence plummeted to a 16-year low this month. Despite that and the biggest tumble in home prices in 8 years, most key financials eked out gains on the expectation that the Fed will not hike interest rates. Volume was light, with NYSE decliners outpacing advancing stocks 2 to 1. (Read more NASDAQ stories.)

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