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Inside Markets

Inside Markets

Switzer Daily
27 May 2009

Comments from the US Treasury Secretary Tim Geithner that increased the belief in a US recovery sooner rather than later were then offset by comments from the Federal Reserve. However the losses were not anything dramatic.

The Dow lost 52 points to 8,422.

The Nasdaq dropped 6 points to 1,727.

The S&P 500 slipped 5 points to 903.

Earlier in the day Geithner told the US Senate that financial markets were on the mend and the plan to remove toxic assets on bank balance sheets would start in six weeks time.

Then the Fed did two opposite things. First, it tipped the economy would improve in coming months, but then downgraded its full year outlook.

Against this, CEOs such as GE’s Jeff Immelt and Bank of America’s Ken Lewis made positive comments about the economic signs of improvement that their companies were seeing.

On the economics front, mortgage applications rose last week but this was seen as an increase in the refinancing of loans because interest rates have fallen. However, this is a part of Americans improving their finances, which will eventually help the comeback of the all-important US consumer. These people are responsible for 70% of US economic growth!

The Oz dollar continues to ride market and economic positive vibes up to 77.55 US cents.

Have a great day,

Peter

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