Monday's slow trading ahead of Federal Reserve Chairman Alan Greenspan's testimony at midweek might spark a minor offshoot to the old rule "Don't fight the Fed." That is, don't fight anybody when the Fed is offstage.
With little consensus about what the maestro will say in his Congressional speech, or even whether he'll lean toward a signal of faster, slower or the expected pace of rate hikes to come, the markets were pretty listless on Monday. The Dow Jones Industrial Average lost about 5 points to 10,791.13, falling from the 2005 high set on Friday.
The S&P 500 gained less than 0.1% to 1206.14, and the Nasdaq Composite rose 0.3% to 2082.91. Losses in AIG (AIG Quote), which is allegedly subject to additional regulatory scrutiny, and Hewlett-Packard (HPQ Quote) held back the Dow. AIG lost 2.2%, and H-P fell 2.5%. ...
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,471.58 | 1,108.86 | 2,175.81 | 32.75 |
Oil *
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31.21
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0.74
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