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%.