Economy
CLOSING BELL: July 30: DJIA: 13,073.01 | DOWN 2.65 | -0.02%
OIL: $89.78, DOWN 0.35, -0.39%
GOLD: $1,619.70, UP 1.70 +.11%
GASOLINE (US Avg): $3.486, UP .001
Investors Await Central Bank Action
Emily Jane Fox, CNNMoney – Investors were unwilling to make any big bets Monday, waiting to see if there will be further stimulus announced by U.S. and European central bankers later this week.
“The market is wading through a fog, and until there’s some clarity, we’re going to see the markets bounce around,” said Rex Macey, chief investment officer at Wilmington Trust Investment Advisers.
All three indexes ended the day slightly lower. The Dow Jones industrial average and the S&P 500 were both nearly flat, while theNasdaq shaved off 12 points, or 0.4%.
Expectations are high for the U.S. Federal Reserve and the European Central Bank to announce new measures to boost the economy when they meet later this week.
“Investors are really looking to see if there’s any action behind all of the desperate rhetoric,” said Jack Ablin, chief investment officer at Harris Private Bank.
Once the Fed wraps up, the ECB will take center stage, with its meeting in Frankfurt on Thursday. Last week, ECB president Mario Draghi said the central bank would do “whatever it takes” to preserve the euro. Investors now want to see if he’ll put those words into action.
Read the rest of this article at CNNMoney here.
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