Economic Week in Review: Fed pause sparks market rally week ending Friday August 8, 2008

Posted on August 9, 2008. Filed under: -- Economic Week In Review, -- Uncategorized | Tags: |


By  Molly Greaves with the datat brought to you via Vanguard, where I do my paper asset investing.

Economic Week in Review: Fed pause sparks market rally

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As expected, the Federal Reserve kept its target federal funds rate
at 2.0% on Tuesday. The news spurred a major stock market rally as the
S&P rose 2.9% on the day of the announcement. Other economic headlines
for the week were more mixed. Positive news included June factory
orders, which increased at their fastest pace in six months and
productivity, which rose at an impressive rate given current economic
conditions. On the negative side, consumer debt saw its largest
monthly increase in more than six months while modest improvements in
the performance of the service sector did little to reassure
investors. For the week, the S&P 500 Index also rose 2.9% to 1,296
(for a year-to-date total return of -10.6%). The yield of the 10-year
U.S. Treasury note dropped 3 basis points to 3.94% (for a year to date
decrease of 10 basis points).

To read Vanguard(R) Economic Week in Review in its entirety, go to:
http://www.vanguard.com/visit/econweek080808

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