The fed raised the rate to 3.75 and indicate that it will probably continues to raise rate because of strong underlying economy. The market did not received the news well as Dow down 76, S&P down 9.68, and Nasdaq down 13.93. The home builders and suppliers got hit hard as Lennar drop 4.9 and USG drop 4.32. This market looked a little tough to move up as all factors are now against it, like the fed, Katrina, and more hurricanes to come. The only bright spot was Google (up 4.12) which continues to bring out new innovation product and service like the secure WI-FI now in beta use in the Bay area. The shocker of the day was Circuit City, it beat the earning estimate. I’m going to look into the number to find out how it did it.

This entry was posted on Tuesday, September 20th, 2005 at 10:16 pm and is filed under Stock Market. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.