Market Watch 09/23/2009

Today is Wednesday, the weather is sunny in here.

 

Investors were encouraged by the Fed's latest improved assessment of the economy, but not enough to propel the Dow Jones industrial average past 10,000.

 

The Fed’s decision on rates and gently upgraded viewed of the economy were in line with what investors anticipated but didn’t give the market enough reason to push higher.

 

The Dow fell 81.32, or 0.8 percent, to 9,748.55. The Standard & Poor's 500 fell 10.79, or 1 percent, to 1,060.87, while the Nasdaq composite fell 14.88, or 0.7 percent, to 2,131.42.

The drop in oil prices weighed heavily on energy and industrial shares. The price of crude for November delivery tumbled nearly 4 percent, or $2.79, to settle at $68.97 a barrel on the New York Mercantile Exchange. The decline in energy prices accelerated during the day after the government reported that supplies of crude, gasoline and distillate fuel surged above expectations.

The 10-year note rose 6/32 to 101 20/32 and its yield fell to 3.43 percent from 3.45 percent.

The dollar rose against other major currencies. Gold prices fell