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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA -- Ignore unavailable to you. Want to Upgrade?

To: J.T. who wrote (3641)	6/28/2000 9:26:00 PM
From: J.T.	Read Replies (1) \| Respond to of 19219

Gold up after Fed's rate decision By Myra P. Saefong, CBS.MarketWatch.com Last Update: 5:42 PM ET Jun 28, 2000 NewsWatch Latest headlines NEW YORK (CBS.MW) -- Gold prices and equities rose Wednesday after the Federal Reserve, just minutes before the futures market closed, announced that it will leave short-term interest rates unchanged. August gold gained $6.80 to $294.30 an ounce on the Commodities Exchange division of the New York Mercantile Exchange. July silver rose 3.1 cents to $4.989 an ounce. Gold?s rally held firm through the close of trading after the Fed decision, which is ultimately bullish for the metal. Gold rises in value when investors seek a hedge against inflationary pressures. See full story. The equities market also mirrored the gains in gold prices. The Philadelphia Gold and Silver Index ($XAU: news, msgs) added 3.5 percent and the CBOE Gold Index ($GOX: news, msgs) rose 2.5 percent. Ashanti Goldfield shares (ASL: news, msgs) gained 1/16 to 1 11/16, while shares of Placer Dome Gold (PDG: news, msgs) rose 3/8 to settle at 9 11/16. Comex gold warehouse stocks, as of late Tuesday, were flat at 1,890,140 ounces. Silver stocks were also unchanged at 101,277,885 ounces. In other metals highlights, July copper rose 0.1 cent to 81.85 cents a pound. The London Metals Exchange said copper supplies, as of early Wednesday, were down 3,025 metric tons to 563,200 metric tons. Comex stocks were up 125 to 73,834 short tons. September palladium closed up $6.10 to $660.25 while July platinum climbed $16.30 to $572.80 an ounce. Best Regards, J.T.

To: J.T. who wrote (3641)	7/2/2000 11:24:43 PM
From: J.T.	Respond to of 19219

June Reports Likely to Show More Working in U.S., Give Fed Reason to Act The Labor Department's report June Jobs Report to Keep Fed on Watch: U.S. Economy Preview By Monee Fields-White and Alex Tanzi Bloomberg News Sun, 02 Jul 2000, 10:10pm EDT Washington, July 2 (Bloomberg) -- The Labor Department's report on June employment will show more Americans held jobs and earned more than in May, giving another reason for Federal Reserve policy-makers to keep a foot close to the brakes, analysts said. The nation's unemployment rate probably fell in June to 4 percent -- close to a 30-year low -- from 4.1 percent in May, according to forecasts. At the same time, companies probably created 260,000 jobs, excluding temporary hiring for the census. The economy shed 116,000 jobs in May. Hourly earnings are likely to have risen 0.4 percent after a 0.1 percent gain in May. The Fed's Federal Open Market Committee specifically mentioned the ``unusually high level'' of demand for workers when it warned this week about the risk of accelerating inflation. ``The Fed still has some anxieties about the economic environment,'' said William Sullivan, senior economist at Morgan Stanley Dean Witter in New York. ``If we do get the snapback in June, it would just confirm the Fed's suspicion that the slowdown that has been evident is temporary.'' The Labor Department's report will be released Friday. Although they warned about inflation, the central bankers left the overnight bank loan rate unchanged at a nine-year high of 6.5 percent after their two-day meeting. The FOMC had already raised rates six times since June 1999. Its next scheduled meeting is Aug. 22. Labor Department figures on initial jobless claims for the week ended July 1 also are likely to show demand for labor isn't easing much as well, analysts said. That report will be issued Thursday. Signs of Slowdown Higher borrowing costs do appear to be cooling other areas of the economy, such as manufacturing. The National Association of Purchasing Management's factory index -- due out Monday -- probably fell to 53 in June from 53.2 in May, analysts said. While a reading above 50 still indicates expansion, the drop would mark the fourth straight decline and result in the lowest reading since April 1999. The prices-paid index will be another key indicator in the factory report because it will tell whether manufacturers are paying more for raw materials. Forecasts suggest the index rose to 67.5 in June from 65.8 in May. The index reached a five-year high of 79.8 in March. ``Manufacturing is continuing to expand but at a fairly moderate pace,'' said Scott Brown, an economist at Raymond James & Associates in St. Petersburg, Florida. ``Price pressures are still there, but they are not as severe are we saw earlier in the year.'' The Conference Board's monthly index of leading economic indicators for May will also hint to an economic slowing. The index -- considered a gauge of economic performance for the next six months -- probably fell 0.2 percent in May after a decline of 0.1 percent in the previous month. In other reports: -- Commerce Department figures on Monday will probably show construction spending fell 0.2 percent in May following a 0.6 percent decline in April. -- The number of U.S. houses finished in May probably fell 2.9 percent to an annual rate of 1.61 million units. That's following a 3.8 percent drop in April and would be the second straight monthly decline. The Commerce Department issues that report on Wednesday. -- Factory orders probably rose 3.5 percent in May after a 4.3 percent decline in April that was the steepest drop in almost a decade. The Commerce Department will release that report on Thursday. Bloomberg Survey Date Time Period Indicator BN Survey Prior 7/3 10:00 May Construction Spending -0.2% -0.6% 7/3 10:00 June NAPM 53.0 53.2 7/3 10:00 June NAPM-Prices 67.5 65.8 7/5 10:00 May Housing Completions 1.61M 1.67M 7/5 10:00 May Leading Indicators -0.2% -0.1% 7/6 8:30 7/1 Initial Jobless Claims 303K 306K 7/6 10:00 May Factory Orders 3.5% -4.3% 7/7 8:30 June Avg. Hourly Earnings 0.4% 0.1% 7/7 8:30 June Change Nonfarm Jobs 250K 231K 7/7 8:30 June Change Nonfarm ex Census 260K -116K 7/7 8:30 June Unemployment Rate 4.0% 4.1% Federal Reserve, Treasury Wednesday, July 5 New York: U.S. Treasury Secretary Lawrence Summers delivers remarks to the United Nation's Economic and Social Council. Friday, July 7 Seoul: Federal Reserve Bank of New York President William McDonough speaks on banking issues to a symposium commemorating the 50th anniversary of the Bank of Korea. By satellite. Best Regards, J.T.