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Market briefing --- Monica (medium)
NYSE --- Julie (slow)
Nasdaq --- June (slow)
>> welcome to “world financial report.” i’m monica bertrand in new york. breaking news at this hour. crude oil has hit $44 44.99 -- $44.99 in electronic trading. we’ll follow the rising price of oil this hour. in the meantime, a day ahead of the fed’s meeting on monetary policy, stocks in the u.s. traded mixed. the s&p 500 index rose to an eight-month low. investors say stocks are looking more attractive because economic data indicates the u.s. has more room to grow. checking on the numbers and how we closed today, the dow jones industrial average barely made it, we’ll call it unchanged for the dow, down a little more than half a point. the s&p 500 holding on to a point and a quarter. and the nasdaq composite lower by 2.25 points. trying was slower than average ahead of the meeting. checking on volume, new york stock exchange barely broke a billion shares today. and a quick check of the nasdaq, 1.2 billion shares traded over at the nasdaq.

>> where does the fed go from here? we know alan greenspan and company will meet tomorrow. is it widely expected they’re going to raise interest rates again? it’s anybody’s guess what they’ll do after that. allan dodds frank joins us with more.

>> alan greenspan and his fed clegs will have to step into their roles as risk manager when is meeting in washington tomorrow. on one hand, they must weigh whether rising inflation is the biggest risk right now. on the other hand, they will consider if recent evidence of economic weakness, especially july’s meager job growth, is a bigger risk to worry about. former fed governor says inflation remains the the bigger issue for the fed given how low the interest rates are.

>> the risks of moving a quarter point and ending up with 1.5 funds rate? how dangerous could that be in an economy? not very. but the danger of not moving if the baseline forecast is right and the economy snaps back, that’s where the balance of risks lie.

>> that is why meyer believes the fed will raise rates tuesday despite signs of economic weakness. meyer and other economists think additional increases at the august meeting may be in doubt thanks to the weaker-than-expected july jobs number.

>> i think we’ll get a 25 basis point move on tuesday. i think this takes the september meeting out perhaps until we see some stronger numbers.

>> all but one of the 22 so-called primary dealers who trade bonds directly with the fed expect a rate increase tomorrow. however, 1/3 of those firms believe the fed will hold off on any further increases until after the election. as recently as a week ago, at least six primary dealers said the fed would raise rates at each of the fed’s remaining four meetings this year.

>> they’ll indicating that in their mind it’s a temporary soft patch approximately the question is whether or not they move away from that logic. i don’t think they will but that is the question to be answered.

>> former fed governor laurence meyer says the fed will signal flexibility in their statement tomorrow, leaving the fed with its options open for the fall meeting.

>> we have special coverage of the fed’s announcement on interest rates tomorrow at 2:00 p.m. eastern time. meanwhile, traders held off on making big bets ahead of tomorrow’s fed meeting, leading to choppy trading today. we have more from julie hyman on the big board.

>> a mixed day for the s&p and dow jones industrials in today’s session ahead of tomorrow’s fed meeting. really, we saw many traders hold off on making bets today. volume at the big board was the third lightest of the year in today’s session as people look ahead to tomorrow and wait to do anything substantial in the market .% that said, however, oil stocks were helpful today as we saw the price of oil continue to rise. some of the stocks that declined last week, refiners, in particular, recovered today. that oil index up about 1.3%. some of the gainers, unicom, devon energy, valero energy and burlington resources. we had news in the retail industry, including dillard’s as it is selling its credit card business to general electric for $850 million in cash, using the proceeds from that sale to buy back shares, pay down debt and boost 2005 profit. those shares benefited today. red line boosted after an analyst at prudential said that the company will increase sales by 7% in the fourth quarter after flat third-quarter sales and prudential boosting its recommendation on the stock to overweight from underweight. also today, news from the cable industry. those shares down about 3%. also, we had news out of u.s. restaurant properties, a company that leases properties to burger king and pizza hut, agreeing to buy c.n.l. restaurant properties for $1.3 billion and u.s. restaurant rising on that acquisition news today. back to you.

>> the nasdaq follow lower for a fifth day. june grasso has details from the nasdaq marketsite in times square.

>> one of the worst performing groups today was the nasdaq computer index. intel, yahoo and dell dragging that down. by the way, dell, the world’s biggest personal computer maker, expected to report earnings for the second quarter on thursday. one of the best performing companies today is the same that was one of the drags on the nasdaq on friday. that’s nvidia, biggest maker of computer graphics chips. it rebounded perhaps because it slid by about 49% on friday after earnings came in below analysts’ estimates and a downgrading by several analysts. priceline.com, seller of discount travel services on the internet. credit suisse first boston raised priceline to outperform from neutral. in a research report, credit suisse says shares of the company are inexpensive given its growth potential in its retail business and improved risk/reward following a substantial correction in the company’s shares. maxim integrated, maker of semiconductors for mobile phones and video displays said its fourth-quarter profit increased 53% to a record nearly $125 million. after sales rose for the eighth straight period, benefiting from increased demand for simple chips. semiconductors moved higher today. the philadelphia semiconductor index rose and some of the other companies moving that index higher were broadcom and xilinx, world’s biggest maker of programmable semiconductors. knight trading rose, the biggest matchmaker for buyers and sellers of nasdaq stocks and citigroup, world’s largest bank, is buying its derivatives markets business for $225 million in cash to offer clients more electronic trading services. that’s it from the nasdaq.

>> google says it will have to take a loss in the third quarter after agreeing to settle a pair of legal disputes with yahoo. google will pay yahoo about $290 million in stock, putting an end to the fight over a technology patent that places advertising on the internet. the settlement could end one of investors’ concerns about google ahead of its $3.3 billion i.p.o. it’s reported slowing sales growth and has recently come under investigation by regulators. the world’s most used search engine reiterated today it expects to issue shares this month. delta air lines says it will seek bankruptcy protection without what it calls “substantial progress” in cutting costs. the airline says it needs $1 billion in annual cost savings from its pilots union. delta’s available cash dropped to $2 billion and says it’s expected to decline during the remainder of the year. delta shares fell 3.3% to $3.98. as you can see. and the shares have declined 66% this year and traded near their lowest in about 20 years. conseco and inviva have agreed to pay $20 million to settle an investigation into their annuities business. the securities and exchange commission and new york attorney general eliot spitzer say conseco and inviva misled investors by allowing favored clients to improperly trade mutual funds linked to annuities. inviva bought conseco’s annuity business in 2002. it has been a year since a power blackout hit the northeast and midwest. we’ll speak with spencer abraham about what has changed in that year.
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