Signals that the the FED may not raise rates this month sent stocks higher. Dow was up 102, advancers ahead of decliners 5-2 & NAZ was up 39. Today's inflation report was viewed as a positive. The Labor Dept reported the inflation rate for May was a high 0.6%, however the core rate was only 0.2% (in line with expectations). This is in contrast to recent signals from the FED about needing to raise interest rates for the fight against inflation. Oil dropped 1 to 135 on news from the OPEC meeting. OPEC said recent prices (i.e in the 130s) do not reflect realities. Duhhh!! Does this qualify as a news bulletin? Foreclosures in the US climbed 48% in May. One home in 483 received a foreclosure notice, the highest ratio since record keeping began 3 years ago. If record keeping went back further, it could be the highest in 20-30 years, whatever.
Lehman Bros (LEH), up 2.09, has a friend, BlackRock (BLK), up 6, which has invested in them & may be considering a larger investment. Their drama will continue to play out.
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