US Home Construction Drops More Than Expected In August: Acadiana Business Index
Wall Street ends mixed as traders hope the Fed will pump more cash into the economy as U.S. home construction drops more than expected in August. Mark Lasseigne fills you in on the markets on the Acadiana Business Index.
- The Dow Jones Industrial Average added 7 points to 11,408.
- Broader markets were lower.
- The U.S. Federal Reserve concludes a two-day policy setting meeting tomorrow.
- In economic news, U.S. home construction dropped more than expected in August.
- The International Monetary Fund slashed its 2012 global growth forecast.
- And, S&P cut its rating on Italy's debt, down to “Single A”.
- ConAgra’s net profit fell. The company’s margins have been squeezed by increased costs for raw materials. The firm also warned that 2Q earnings will be weaker than a year ago. CAG down 1.7% to 22.99
- Crude oil settled at $86.03 a barrel.
- Gold closing at $1,809/ounce.