Stocks Tread Water at Bell

Dow inches downward
By Kevin Spak,  Newser Staff
Posted Dec 15, 2008 8:53 AM CST
Rudy Mass, center, managing director of NYSE operations, works the post where General Motors stock is traded on the floor of the New York Stock Exchange Friday, Dec. 12, 2008   (AP Photo/David Karp)
camera-icon View 2 more images

(Newser) – Stocks jogged in place at the open as investors awaited smoke signals from the latest Fed meeting. The Dow inched up15 points, while the Nasdaq and S&P added 0.1% and 0.4% respectively, the Wall Street Journal reports. Investors are also awaiting President Bush’s auto rescue plan, the promise of which sent stocks into positive territory on Friday.

“With a decision yet to be firmed up on the auto sector and the Fed decision Tuesday, investors are reluctant to make a great deal of change,” said one trader. The New York manufacturing index, meanwhile, dropped to its lowest mark on record. Oil prices rose sharply to nearly $49 per barrel, while the yield on the three-month T-bill fell to a miserly 0.01%.