Wall Street to Main Street: News, Views and Commentary: April 28, 2006
It’s Friday April 28, 2006, and Investors as well as traders received some guidance as Federal Reserve Chairman Ben Bernanke gave indication that the interest rate hikes will pause sooner than later. We are probably looking at a 5% roof, which means one more interest rate hike to go.
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Political Front
Not too long ago President Bush tried to push the ports deal through that would have given control of major U.S. Ports to a Dubai company, that deal was blocked. The U.S. Government recently purchased or was close to purchasing millions of dollars worth of Lenovo computers for the U.S. government, Lenovo is now a China owned company and no longer a part of IBM (NYSE: IBM). The latest is the thumbs up from President Bush that would put control of 9 U.S. plants that produce parts for U.S. military vehicles and aircraft to a soon to be Dubai owned company, Doncasters. Now if ever there was a red flag it would be here but it seems as though the administration pushed it through the review process to avoid a public debate, but the New York Times broke the story and there may be a public interest in this one.
Its no big surprise but it looks as though Iran is not going to comply with the United Nations Security Councils request to cease enriching uranium. Now the question is what is going to happen once the U.N. Security Watchdog gives their report.
China Raises Interest Rates
China joins the ranks of the United States and Europe as China rose their key interest rate. On that news U.S. Stocks fell which brought up the concern of slower growth in the most populous nation.
The sectors affected include oil and mining, and companies like Phelps Dodge (NYSE: PD) and Exxon Mobil (NYSE: XOM) may feel the pinch in today’s trading session.
Movers and Shakers
Some major movers in yesterday’s trading session included Libbey (NYSE: LBY) which traded up $2.80 to close at $12.85, Fidelity National Financial (NYSE: FNF) which traded up $8.51 to close at $43.50 , Diagnostics Products (NYSE: DP) which traded up $9.36 to close at $57.81, Spartan Motors (NASDAQ: SPAR) which traded up
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