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September 5, 2008 8:44:02 PM CDT

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Fed Doubts Drive Stocks Down

Posted Oct 30, 07 3:51 PM CDT in Business 

(Newser) – Stocks closed down today as confidence that the Fed will cut interest rates tomorrow faded. The Journal reported that policymakers are considering no cut at all, meaning borrowing costs may stay high. The Dow slipped 77.79 to 13,792.47, the S&P 500 was down 9.96 to 1,531.02, and the Nasdaq fell 0.73 to 2,816.71.

The markets were in "wait-and-see mode," said one analyst, as Procter & Gamble issued a bleak profit forecast, consumer confidence sank to a 2-year low, and home prices continued to tumble. Energy stocks fell for the first time in 6 days as oil retreated from a record high, Bloomberg reports—but still closed above $90 a barrel.

Sources Wall Street Journal, Bloomberg, CNN, Financial Times (UK)

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U.S. Federal Reserve Chairman Ben Bernanke is seen at the International Monetary Fund Headquarters in Washington in this Oct. 20, 2007 file photo. (AP Photo/J. Scott Applewhite, file)   (Associated Press)
Stanley O'Neal, Chairman and CEO of Merrill Lynch & Co. is seen in New York in this Nov. 1, 2006 file photo. Merrill Lynch, the world's largest brokerage, said Tuesday, Oct. 30, 2007 its embattled Chief...   (Associated Press)
The Procter & Gamble Co. headquarters building is shown, Friday, Oct. 26, 2007, in Cincinnati. Consumer products maker Procter & Gamble Co. said Tuesday its first-quarter profit rose 14 percent, but...   (Associated Press)
Federal Reserve Chairman Ben Bernanke is shown in this 2006 file photo in Chicago. A deepening housing slump probably will be a "significant drag" on economic growth into next year and it will take time...   (Associated Press)
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Federal Reserve  • stock market  • interest rate  • consumer confidence  • Proctor


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