Stocks in the U.S. are trading mostly up today as Wall Street awaits the U.S. Federal Reserves’ statements on the economy and any changes to its monetary strategy. Fed Chairman Ben Bernanke is expected to address what he plans to do with the nation’s key interest rates and the end of QE2. President Barack Obama also said today that he is not concerned of the nation’s economy falling back into a double-dip recession, but also expressed the need to speed up economic recovery. The Euro recovered against the dollar as the European Central Back said it may back Greece’s debt. Oil prices dipped to $98 per barrel as investors anticipate OPEC may increase production quotas.
Major U.S. Stock Indices
DJIA: 12,142.14 (+0.43 percent)
S&P 500: 1,291.73 (+0.43 percent)
NASDAQ: 2,708.59 (+0.22 percent)
Russell 2000: 801.02 (+0.72 percent)
In other news:
- The battle between Muddy Waters, a short-selling research firm that accuses China stocks of fraud, and Sino-Forest (TRE:CA), its latest target, is only beginning. Sin-Forest shares saw its price drop over 70 percent after a recent Muddy Waters report that accused the company of essentially being a Ponzi Scheme. Both sides are digging in. [Bloomberg]
- International Paper (IP) is attempting a $3.31 billion hostile takeover bid for Temple-Inland (TIN), which is looking to adopt a “poison pill” strategy to prevent a buyout. Who knew cardboard could be so exciting? [WSJ]
- Ford (F) expects to increase sales by 50 percent over the next four years, with the bulk of the growth coming from its small cars and Asia expansion. [CNBC]
- GE (GE) has reportedly made a bid on ING’s (ING) U.S. banking unit. This comes shortly after the company had focused so intently on spinning off the problematic GE Capital. [The Street]
- Groupon (GRPN) remains a hot IPO name, but is becoming a hotter investment debate. [Business Insider]
Check back as more news develops.
