Now stocks are mixed although advancers lead declines 3-2, a positive bias. The market was up anticipating a rate cut at the FED meeting but enthusiasm has dimmed, the bulls gave up. Countrywide (CFC) reported another ugly quarter . It appears Bank of America (BAC) wants them to clean house before the acquisition later in the year, both were up fractionally. US Steel (X), another Dow company, reported a large decline in Q4 profits. Even after increasing the quarterly div to $.25, the stock is down over 9.
The market is expecting (demanding?) a minimum of a 50 basis cut by the FED. We'll find out soon.
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