Fed Reserve Comments Cast Doubt on Recovery; Equities Most Expensive in 5 Years

Discussion in 'Wall St. News' started by ByLoSellHi, Sep 23, 2009.

  1. U.S. Stocks, Commodities Retreat, Dollar, Bonds Gain After Fed
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    By Rita Nazareth

    Sept. 23 (Bloomberg) --
    U.S. stocks fell, led by commodity producers, as the Federal Reserve failed to boost confidence that the economy has begun to strengthen. Treasuries rose and the dollar strengthened, dragging down metal and oil prices.

    Exxon Mobil Corp. and Chevron Corp. led declines in 38 of 40 energy companies in the Standard & Poor’s 500 Index, while Newmont Mining Co. and Freeport-McMoRan Copper & Gold Inc. paced a retreat in raw-materials producers. The S&P 500 dropped from an almost one-year high after a six-month rally pushed the benchmark for American equities to its most expensive valuation in five years...