Personal Loan

NEW YORK – The stock market finished at about the same place where it started Monday as traders waited for a packed week of reports that will give them a better view of where the economy is headed. The Dow Jones Industrial Average remained stuck in a 52-point range throughout the day, ending the day 10 points above the 11,000 milestone. Bond trading was closed for Columbus Day. Traders have been pushing the stock market higher over the last two weeks, expecting that the Federal Reserve will act in the coming weeks to stimulate the economy and drive interest rates lower. If the Fed announces an expansion of its bond-buying program at its next meeting in early November, traders assume that investors will regain buying stocks because low interest rates will make bonds less appealing. Tom Samuels, managing partner at Palantir Capital Management, said the stock market has welcomed disappointing reports in recent days because that adds to the expectations the Fed will act soon. “The market is trying to convince itself that good news is good news and bad news is good news,” Samuels said. The Dow has risen five of the past six weeks and is now less than 2 percent from its highest level of the year, which it touched in late April. Interest rates have also been plummeting in anticipation of the Fed’s move. “The 10-year rate is going to make stocks look cheaper and cheaper compared to bonds,” said Bob Phillips, managing partner at Spectrum Management Group. The yield on the 10-year Treasury note is often used to set interest rates on loans.

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