|
Not found what you are looking for? Try Google search:
|
|
http://www.news-from-newspapers.com has found the following results regarding
washington mutual mortgage
Stocks Drop as Fed Cites Inflation
NEW YORK (Reuters) - U.S. stocks tumbled on Tuesday as investors were unnerved by comments from the Federal Reserve that inflation pressures had picked up, sparking fears of more aggressive rate hikes ahead and pushing the major indexes down to multi-week lows.. The Fed, as expected, raised rates by a quarter point -- its seventh increase since last June. The Fed's comments about inflation pushed U.S. benchmark Treasury yields to their highest level in eight months, and weighed on rate-sensitive stocks such as banks. Citigroup Inc. (C.N: Quote , Profile , Research ) dropped almost 3 percent. The worries pushed the Dow and the S&P 500 to their lowest closing level since Jan. 28, and the Nasdaq to its lowest 2005 close -- its weakest since Nov. 2. After the closing bell, Oracle Corp. (ORCL.O: Quote , Profile , Research ) , the world's second-biggest software company, fell 2 percent, or 22 cents, to $12.27 on the Inet electronic exchange. Oracle posted a lower quarterly net profit, but raised its 2005 outlook. The Dow Jones industrial average was down 94.88 points, or 0.90 percent, to end at 10,470.51. The Standard & Poor's 500 Index was down 12.07 points, or 1.02 percent, to close at 1,171.71. The Nasdaq Composite Index was down 18.17 points, or 0.91 percent, to finish at 1,989.34. While the Fed retained its commitment to gradual increases in the cost of borrowing, it said in a statement that "pressures on inflation have picked up in recent months." "I think the tone definitely changed -- this was a much more hawkish statement on inflation than I think pretty much anyone was expecting," said John Caldwell, chief investment strategist at McDonald Financial Group, part of KeyCorp. "The Fed upgraded their assessment of how the economy is doing, with output being 'solid,' but also upgraded their inflation outlook." He added that "the market is reading that the Fed has some work to do to cool off some of these inflationary pressures and that opens the door to possibly more aggressive rate hikes, which the market apparently does not want." The yield on the 10-year Treasury note (US10YT=RR: Quote , Profile , Research ) shot up to 4.63 percent, the highest reading since July. Meanwhile, the dollar surged against the euro and the yen. Among interest-rate sensitive sectors moving lower were banks and
mortgage lenders. Citigroup fell $1.32 to $44.44, while J.P. Morgan Chase & Co. (JPM.N: Quote , Profile , Research ) slid 2 percent, or 73 cents, to $35.06. The Philadelphia KBW Bank Index , fell 1.76 percent.
mortgage lenders such as
washington mutual Inc. (WM.N: Quote , Profile , Research ) fell 71 cents, or 1.8 percent, to $39.71. Continued ...
Source: reuters.com