[Chart courtesy of MarketWatch.com]
1. Moving the Markets
Stocks ended mostly lower today, continuing on the down-slide from a sub-par performance last week. The S&P 500 dropped a slight 0.08%, the Dow gained 0.26% and the Nasdaq lost 1.06% on the day.
The focus on interest rates remain front and center this week as markets anxiously await the outcome of the Federal Reserve’s two-day meeting that starts tomorrow. Results of the meeting should provide some solid indication as to whether a recovering economy will lead to interest rate hikes.
Other big news in focus this week will be Scotland’s vote on independence, which will take place on Thursday; as well as how the Alibaba IPO is going to play out. If you didn’t know, Alibaba plans to increase the size of its U.S. IPO because of “overwhelming” investor demand. Alibaba could set a new record for the world’s biggest IPO if underwriters exercise an option to sell additional shares to meet demand, pushing it as high as $24.3 billion and overtaking Agricultural Bank of China Ltd’s $22.1 billion listing in 2010.
Overseas, Russian stocks and the ruble fell with the currency dropping to a record as the U.S. and European Union toughened sanctions against the country last week
3 of our 10 ETFs in the Spotlight advanced, while 1 remained unchanged and 6 of them closed lower.