Market Slides on Central Banks’ Inaction


24/7 Wall St.

The three major US stock indexes opened lower this morning as the Bank of England left interest rates alone (our coverage here) and the European Central Bank (ECB) did the same (our coverage here and here). The lack of any concrete action by either the British or the Eurozone to deal with the European financial debacle weighed markets down all day. The US report on factory orders was lower than expected (our coverage here), though retail sales were better than expected (our coverage here). But tomorrow’s report on US non-farm payrolls, which is expected to show a gain of about 100,000 jobs, could put some life back into the markets.

The US dollar index rose today, now up 0.33% at 83.328. The GSCI commodity index rose by about 0.3% to 637.61, with commodities prices mixed today. WTI crude oil fell -2% today, closing at $87.13/barrel. Brent…

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