Stocks are little changed as investors await Fed decision
Investors are waiting for word from the Federal Reserve before making any big moves in stocks.
Major market indicators barely budged early Wednesday, holding steady at their highest levels in 11 months. The Dow Jones industrial average is less than 200 points away from 10,000, a mark it hasn’t been above since October.
The U.S. central bank is expected to keep its benchmark interest rate at a record low of near zero, but investors are hoping for a clearer indication of when the Fed may raise rates in the future. Investors will also be looking for more clues about the strength of the economy’s recovery in the statement to be released at the conclusion of the Fed’s two-day policy meeting Wednesday afternoon.
NEW YORK, NY — (Marketwire) — 09/22/09 — The Wyncrest Group, Inc. (PINKSHEETS: WNCG) announced yesterday that it is expecting commissions earned from its Dallas based financial services target acquisition to hit $5,000,000.00 in 2009.
The past few years has seen a shift in the insurance arena from large conglomerates to smaller, niche insurers. Size itself, seemed to be an objective, but the trend is shifting to nimble, more personalized companies with an emphasis on service.
Stocks are lower after release of worse-than-expected economic forecast
The Conference Board says its index of leading economic indicators increased 0.6 percent in August, slightly less than the 0.7 percent increase expected by economists. Still, it marked the fifth straight month of gains in the index.
News of Dell Inc.’s plans to buy information technology company Perot Systems Corp. for about $3.9 billion did little to invigorate investors who have taken stocks up more than 50 percent since early March.
The benchmark Standard & Poor’s 500 index tacked on a 2.5 percent gain last week, bringing its total rise since March to 58 percent, after Federal Reserve Chairman Ben Bernanke declared the U.S. recession was “likely over.” Investors are now waiting to see what the rest of the Fed has to say this week during its two-day rate-setting meeting, which begins Tuesday.
In early trading, the Dow Jones industrial average fell 62.05, or 0.6 percent, to 9,758.15. The Standard & Poor’s 500 index lost 7.44, or 0.7 percent, to 1,060.86, while the Nasdaq composite index fell 8.71, or 0.4 percent, to 2,124.15.
CHICAGO, Sept. 21 /PRNewswire-FirstCall/ — The Wyncrest Group, Inc. (Pink Sheets: WNCG) today announced that it expects commissions earned from the sales of insurance and other financial products by its Dallas-based realtor and financial services target acquisition will be $5 million in 2009. During 2008, it generated gross premium sales of $15 million, resulting in $100,000 of EBITDA. Keith Lanzara, President of Wyncrest, commented, “We believe this piece of the puzzle complements our existing business lines well, and further helps to broaden our geographical and product offering diversity with the addition of nearly two dozen new sales representatives to our team.”
Stocks edge higher as unemployment claims dipped unexpectedly and housing starts grew at a slightly slower pace than anticipated
The gains follow a strong run for stocks. The market has risen eight of the past nine days and the Standard & Poor’s 500 index is up 58 percent from a 12-year low in early March.
Many economists consider unemployment the biggest obstacle to an economic recovery so signs of improvement are welcome for investors who have been looking for evidence that a recovery is at hand.
The Labor Department said workers filing for jobless claims for the first time dipped to 545,000 last week from an upwardly revised 557,000 the previous week. Economists polled by Thomson Reuters were expecting claims to rise.
Stocks are slightly higher following a better-than-expected report on industrial production
Wednesday’s industrial output report provided evidence of a rebound. The Fed said industrial activity surged 0.8 percent in August, better than the 0.6 percent increase economists had forecast. The Fed also revised July’s figures to a 1 percent increase, twice as much as originally reported.
Investors were little swayed by the latest report on consumer prices. The Commerce Department said its Consumer Price Index, a measure of inflation at the retail level, rose 0.4 percent in August just above the 0.3 percent rise economists polled by Thomson Reuters expected.