Posted on 06/06/2006 9:02:56 AM PDT by philsfan24
NEW YORK (Reuters) - The Dow Jones industrial average (^DJI - News) fell below the psychologically key 11,000 level for the first time in three months as U.S. stocks extended their fall amid worries that the Federal Reserve will keep raising interest rates.
Investors fear that higher rates would slow the economy and hurt corporate profits. A break below 11,000, which was a key near-term support level, could trigger additional weakness in the index, according to technical analysts.
The Dow Jones industrial average (^DJI - News) was down 49.22 points, or 0.45 percent, at 10,999.50. The Standard & Poor's 500 Index (^SPX - News) was down 5.10 points, or 0.40 percent, at 1,260.19. The Nasdaq Composite Index (NasdaqSC:^IXIC - News) was down 13.66 points, or 0.63 percent, at 2,155.96.
Fire the fed dude....he is obtuse, and dangerous.
Not really that bad. The negativity from the press only makes it sound worse than it really is.
Bear markets are when money is returned to its rightful owners.
I like and respect GWB immensely - But he clearly dropped the ball hugely on the American working public by appointing this guy -
I'm buying more Suncor.
6-7% correction in a short amount of time is a good kick in the pants.
I've got 2 orders out now waiting for a little more drop.
I dont know sounds like time to buy and i will wait a little longer to make judgements
Absolutely.
I think the market is trying to find a place to start a summer rally from.
Not permanent, therefore, not a major problem. And the correction will probably result in a downward correction in oil prices as traders make sure their butts are covered.
If oil prices drop, inflation fears will ease off, and all that remains is to see what the Feds do.
ROTF! If yuzz got any mortgage stock, dump it. Here come the foreclosures!
Actually, I have seen days where the price of oil drops and everyone panics that the energy markets' profits will be lower than anticipated so the market sells off.
Go figure....
Greenspan was watching the stock market and fearful of "Irrational Exuberance." Decision: increase interest rates.
Now Bernanke is watching oil and gold prices like a commodities trader and continuing to raise the discount rate as well.
Good trading opportunity. Yet, U.S. macroeconomics may suffer next year from this more than interesting monetary policy. The focus should be on the money supply, not interest rates.
Emotion is a contrarian indicator.
Actually, I would suggest dumping it even if you don't own it.
An ugly two days for sure. I am so far not impressed with the new Fed Head!He is worried about inflation? He keeps this up he won't have to worry, we will be heading towards a recession.
Fellow FReepers, a gift from me to you...
Buy Sirius (NAS: SIRI), and in about 10 years go and pick out your favorite island, and then buy it. Ignore Stern. His ilk will fade. Satellite radio is not going anywhere.
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