May 22
Yesterday – notes Greg Secker – the US Federal Reserve cut its growth forecast for this year by upto 1% and predicted unemployment will rise more than expected. This coupled with weaker US Oil Inventory figures meant the DOW ended the session down 227 points. The S&P returned closed down 22 points and the NASDAQ finished down 44 points. The FTSE, writes Greg, fell heavily closing the day 185 points down. Futures – DOW is called up 28 and perhaps not surprisingly the FTSE is called down 84points. Oil is trading at $129.86 a barrel and gold is trading at $929.80 a troy ounce.
