You have reached your limit of free articles this month.

Enjoy unlimited access to SpringfieldNewsSun.com

Starting at just 99¢ for 8 weeks.

GREAT REASONS TO SUBSCRIBE TODAY!

  • IN-DEPTH REPORTING
  • INTERACTIVE STORYTELLING
  • NEW TOPICS & COVERAGE
  • ePAPER
X

You have read of premium articles.

Get unlimited access to all of our breaking news, in-depth coverage and interactive features. Starting at just 99c for 8 weeks.

X

Welcome to SpringfieldNewsSun.com

Your source for Clark and Champaign counties’ hometown news. All readers have free access to a limited number of stories every month.

If you are a News-Sun subscriber, please take a moment to login for unlimited access.

Investors shrug off worry about what Fed will do


By Steve Rothwell

Associated Press

NEW YORK (AP) — Investors have stopped worrying about the Federal Reserve. At least for now.

Stocks rose on Wall Street Monday as investors judged that the economy still isn’t growing fast enough for the central bank to cut back on its stimulus program.

U.S. manufacturing grew modestly in June after a pickup in new orders and stronger production, according to a private survey. The Institute for Supply Management said its factory index increased to 50.9 in June from 49 in the previous month.

The Standard & Poor’s 500 index logged its first monthly decline since October last month after investors were unsettled by comments from Federal Reserve Chairman Ben Bernanke. Bernanke said June 19 that the Fed could ease back on its stimulus this year and end it next year, providing the economy continues to recover.

“The market has maybe stepped back from the knee-jerk reaction that the Fed news provided,” said Jim Russell, a regional investment director at US Bank. “The manufacturing ISM number came in strong enough — not too hot, not too cold.”

The central bank is currently buying $85 billion of bonds a month to keep interest rates low and encourage borrowing and spending. That stimulus has been a major factor supporting a rally in stocks this year. Despite last month’s loss, the S&P 500 is still up 13.7 percent this year.

The Dow Jones gained 104 points, or 0.7 percent, to 15,013 as of 2:15 p.m. Eastern Daylight Time. The Standard & Poor’s 500 index rose 12 points, or 0.78 percent, to 1,618. The Nasdaq composite gained 35 points, or 1 percent, to 3,438.

Stocks may have also gotten a lift as it was the first trading day of the quarter.


Reader Comments ...


Next Up in Business

RECALL: Beer company issues recall impacting Ohio
RECALL: Beer company issues recall impacting Ohio

Beer company Sierra Nevada has voluntarily recalled some beers that could have small pieces of glass within the bottles. The company announced recalls after inspections at the company’s brewery in North Carolina found a limited number of bottle were flawed. The flaw could result in loss of carbonation and a small piece of glass could break off...
Speedway to hire 1,000 workers across 9 states
Speedway to hire 1,000 workers across 9 states

Speedway will hire 1,000 workers in nine Midwest states and will host open interviews at each of its stores in the region later this month. The convenience store chain, with a headquarters in Enon, will host open interviews from 11 a.m. to 3 p.m. Wednesday, Jan. 25 at every one of its stores in nine states, according to information from the company...
Holiday debt blues? Here’s help getting on track
Holiday debt blues? Here’s help getting on track

John North is president of the Dayton Better Business Bureau. With the holidays behind you, the new year is a great time to get your finances back on track if you’ve slipped a bit. By dedicating yourself to using credit responsibly and sticking to a sensible plan, then you can effectively pay down your debt. According to debt.org, total U.S....
New shopping center proposed at long-vacant Springfield site
New shopping center proposed at long-vacant Springfield site

A new retail development is likely coming to the east side of Springfield at a longtime vacant property, the first major commercial growth there in several years. The Springfield Board of Zoning Appeals approved Wednesday night a variance for the former Roberds site in the 3000 block of East Main Street. City documents filed by developer Springfield...
Gmail phishing scam may lead users to give up login info
Gmail phishing scam may lead users to give up login info

A new phishing scam is allowing hackers to gain access to unsuspecting Gmail users' accounts and target their login credentials, according to recent reports. Mark Maunder, CEO of security service Wordfence, described the scam in detail in a blog post, adding that it is also targeting other services beyond Gmail. Tech Times reported that the scam involves...
More Stories