Stocks continue mixed afraid to make a major move ahead of the FED's meeting. Dow is down 52, decliners over advancers 3-2 & NAZ down 9. Gloomy economic news has not been able to attract sellers in a big way. Foreclosures for homes more than doubled in Q1 compared with the prior year. The trend continues negative as the number is 23% ahead of the prior qtr. Home prices dropped 12.7% in Feb, the fast rate recorded. It's no secret, the housing slump is dragging on & promises to be with us for months.
Some company reports were better. MasterCard (MA) had a great qtr with profits more than doubling, stock up 22.53. Foreign business, up 30%, showed the greatest gains, although US business was also strong, up 9%, helped when I used my card. BP (BP), Europe's 2nd biggest oil producer reported profits were up 63% from higher oil prices. BP gained 3.07 & Royal Dutch Shell (RDS-B), Europe's biggest oil producer, also reported substantially higher earnings sending its stock up 3.77. Meanwhile Countrywide (CFC) reported another whopper loss which may result in Bank of America (BAC) reducing the price it's paying for the company, although CFC is down only fractionally today.
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