Direction of Interest Rates whei he tes on capitol hill tomorrow. In the meantime, a relativ calm has settled over wall street. The dow industrials today fell just 22 points to 26,783. The nasdaq was up 43 and the s p added three points, but that calm could leado volatility when Jerome Powell starts speaking. As usual, a fed chief faces a tough task. He is under pressure from the administration to cut Interest Rates, but he has said thatne ry policy should not be influenced by shortterm political one thing is clear though. The economy may be growing, but that growth is slowing. Today some of the pieces to the economic puzzle fell into place. And the first piece came from pepsi. The Company Reported higher quarterly profit and sales. Now, part of that was pepsi specific, tied to its new products and higher pricing, but the company also said its results were helped by a strong consumer, which accou ts for mon twothirds of economic activity. Sarah eisen has more. Eporter consumers are inl
The opening bell, piercing thh 26,000. It seemed like the he will rally was entering a new phase. But then a turn. And then a collapse. The rally was no more. The indexes turned negative. And when the closing bell rang, the dow swung nearly 400 points in total, its biggest reversal in yearly two years. At the close, the Dow Jones Industrial average fell ten points to 25,792. The nasdaq was off 37, and the s p 500 drope wild day was a he scratcher. Bob watched from the new york at it a color coaster ride for the markets with the cow opening at a new record of 26,000. But shortly after that milestone, with the dow up 283 points in the middle of the morning, investors just seemed to lose interest and the markets drifted lower into the afternoon with the dow ending fractionally negative. What happened . Shutdowns later on. Up y but for most traders the markets reached such lofty levels it was logical to take profits. You cant blame them for thinking this way. Much of the early rally was fu