The regular session saw a fairly broad rally, even as Janet Yellen talked about rates.» Read More
Better-than-expected economic numbers this morning have moved futures up about 8 points; the dollar rallied and bonds dropped. Talk about food inflation -- Potash has been the beneficiary here. Same story from Bunge, one of the largest agribusiness companies.
This is the week for the Fed; traders are hoping for a 50 bp cut, but some fear only a 25 bp cut. The good news is that mortgage rates have come down, and the yield curve has steepened considerably.
After beating their own benchmark index for the last five years, Standard & Poor’s equity research team is betting on the biggest U.S. jam maker and the Magic Kingdom, among 40 companies in this year’s PowerPicks stock portfolio, to outperform again in 2008.
Call it an ugly mortgage market, call it poor risk management. But Merrill's writedown of $7.9 billion in subprime mortgages and collateralized debt obligations (CDOs), $3.4 billion more than they had previously announced just three weeks ago, was being greeted as a sign that plenty more bad news remains on banks' and brokers' books.