Today's Key Market News - Fed Up

"Today's Key Market News" is meant to provide the key market-moving news of the day for your quick reference.

U.S. markets defied the direction of Asia and Europe this morning, where stocks were broadly lower. Rather, investors in American shares look to be anticipating a positive Fed note on Tuesday. Please be sure to see our weekly market-moving event planner, to help you and your portfolio get a handle on the week's market-moving schedule. This week's copy, "The Greek's Week Ahead - The Fed is on the Clock" discusses the importance of Tuesday's FOMC decision and statement.

Today, Bear Stearns (NYSE: BSC) is once again in the news, as it drops another key executive. American Home Mortgage (NYSE: AHM) filed for bankruptcy, but there weren't really any blowups of note that might have significant negative impact for Wall Street. We expect the market to anticipate some sort of positive Fed action, whether it be simply indicating it would act if credit markets required it, or if Bernanke's group actually cuts rates. We expect meaningful words from the Fed to help create a positive tone to trading in the early part of the week, but a rate cut seems unlikely. How the trading week ends depends a lot on the earnings reports of corporations within sensitive sectors of the economy. Toll Brothers (NYSE: TOL), a high end home builder, could provide that kind of news this week, as could several surviving home lending players.

See our sidebar section, "Key Headlines," below:


CNN Money: Asian Stocks Drop
CNN Money: European Stocks Fall
CNBC: U.S. Markets Open Higher
CNBC: As Greek Warned, Oil Dipping on Economic Worries
USA Today: Bear Stearns Co-COO Forced Out
Forbes: Nardelli Comeback at Chrysler
Yahoo! Earnings Calendar
AP/Yahoo!: Aqua America Profit Rises
AP/Yahoo!: Cooper Tire Swings Profit
Financial Times: ICI Opens Books to Akzo
Bloomberg: AHM Files for Bankruptcy
AP/Yahoo!: UAW, Automakers Enter Contract Negotiations
AP/Yahoo!: House Approves Energy Bill
Economist: The Geopolitical Week Ahead
BBC: Abbas and Olmert Talking
DebkaFile: Iran Prep Exercise, "Valiant Shield," Underway Near Guam
Iran Daily: Tales from the Dark Side

Receive Wall Street Greek free via email by subscribing here. If you change your mind, it's easy to unsubscribe. We respect your privacy and will not share your information with any third party. (disclosure)