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Wall Street traders remain hesitant
The Nashville News.Net
Thursday 21st August, 2008
Stocks remained directionless on Wall Street Thursday as uncertainty continued over the future of mortgage giants Fannie Mae and Freddie Mac.
The two government-sponsored-enterprises need to roll over $225 billion worth of debt by the end of next month.
Also concerning investors was a jump in oil prices to an alomost-three weeks high, above $120 a barrel.
At the close of trading the Dow Jones Industrials were up 12.78 points or 0.11% at 11,430.21.
The Nasdaq Composite was down 8.70 points or 0.36% at 2,380.38.
The Standard and Poor's 500 at 1,277.72, was up 3.18 points or 0.25%.
Investors were betting the U.S. government would step in and guarantee the Mac and Mae debt, pushing their bonds marginally higher.
The U.S. dollar was rattled by the higher oil price, and an upturn in commodity prices, particularly gold.
Around the New York close the British pound was fetching 1.8771. The Australian dollar rose to .8790, and the euro to 1.4892.
The Japanese yen was stronger at 108.51 while the Swiss franc rallied to 1.0865. The Canadian dollar strengthened to 1.0438.
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