Credit-Market Fears Flare Despite Upbeat Earnings

The Dow Jones Industrial Average opened higher, posting a gain of nearly 100 points at its intraday high, boosted by components J.P. Morgan and Intel. But amid other news, including the "beige book" report from the Federal Reserve indicating that economic growth cooled in the third quarter...

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Bibliographic Details
Published inThe Wall Street journal. Eastern edition
Main Author Peter A. McKay and Michael Hudson
Format Newspaper Article
LanguageEnglish
Published New York, N.Y Dow Jones & Company Inc 18.10.2007
EditionEastern edition
Subjects
Daily markets (wsj)
Dow Jones averages
Stock exchanges
Stock prices
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Summary:The Dow Jones Industrial Average opened higher, posting a gain of nearly 100 points at its intraday high, boosted by components J.P. Morgan and Intel. But amid other news, including the "beige book" report from the Federal Reserve indicating that economic growth cooled in the third quarter and prospects for a pickup remain uncertain, the blue-chip average slipped into negative territory for good around midday. "Nothing has really changed," said Gordon Fowler, chief investment officer at Philadelphia money-management firm Glenmede Trust. "The housing market is going to be a sore that just doesn't go away." The biggest moves came on shorter-term Treasurys, where investor flights-to-quality usually begin. "We could be working ourselves into another frenzy that forces the Fed" to cut interest rates," said T.J. Marta, a fixed-income strategist with RBC Capital Markets.
ISSN:0099-9660