Fed unlikely to alter interest rates in July
Inflation appears under control as consumer caution and moderating layoffs shape a steady outlook. July wholesale prices fell 6.2 percent from June and the year to July slid 1.1 percent, while unemployment claims fell to a 77 month low, signaling mixed signals for Fed policy and a possible hold at 2.73 percent funds rate with prime at 4.75 percent.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve Bruvady
Fed
Frvenight
Joel Naroff
Naroff Economic Advisors
Dow Extends Three Day Rally on Wall Street
New York stocks firmed on Thursday with the Dow Jones Industrial Average rising for a third day as the market priced in a rebound. The Nasdaq gained about 2.8 percent amid renewed investor optimism, while the S&P 500 moved higher on renewed expectations of economic stabilization.
MENTIONED IN THIS ARTICLE
New York
Wall Srest
Dow Jones Industrals
Dec
Ava Investo
T Sides
New R Investment Strate
Wall Streat
Victims seek release for jailed stockbroker in defrauding case
Four families urge federal judge to place Frank Gruttadauria under home detention with electronic monitoring while his criminal case proceeds. Gruttadauria, 44, of Gates Mills, is accused of defrauding up to 470 clients by funneling funds into volatile tech stocks and falsifying records to conceal losses. Federal officials say alleged accounts were worth over 270 million while actual value was about 2 million. The SEC filed suit. he faces bank fraud charges though prosecutors warn of potential additional charges. Gruttadauria’s lawyers filed letters in appeal of magistrate judge William Baughman’s order keeping him jailed, arguing he will plead guilty and should be released to spend time with his children. Samuel Glazer, Mr. Coffee co-founder, supports release, while investors have sued Lehman Brothers and SG Cowen for negligence linked to the scam.
MENTIONED IN THIS ARTICLE
Cleveland
Frank Gruttadauria
Gruttadauria
Gates Mills
U.S
Bill Edwards
Edwards
William Baughman
Baughman
FBI
Samuel Glazer
Mr. Coffee
Frank
Glazer
Lehman Brothers Inc
SG Cowen Securities Corp
Grattadauria
Mortgage Rates Drop to New Low in Freddie Mac Survey
Freddie Mac reports the 30 year fixed rate at 6.31 percent the lowest since 1971 with last week at 6.43 and a year ago at 7.0. The 15 year fixed falls to 5.69 percent and one year ARMs average 4.37 percent as refinancing boosts spending amid Slow economic growth.
MENTIONED IN THIS ARTICLE
Washington
Freddie Mac
Frank Nothaft
Nothaft
New York Stocks Ease After Six Week Highs
Dow Jones/AP reports a quiet Wednesday in New York with a pullback after six week highs the prior day. Solid late gains in US equities failed to spark enthusiasm as traders weighed the euro and the yen.
MENTIONED IN THIS ARTICLE
New York
Dow Jones/AP
Ien Antian
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