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TASE Could Rally Sunday, Analysts Say
Reported: 00:55 AM - Aug/19/07
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(IsraelNN.com) Analysts were mixed on what the reaction of the Tel Aviv Stock Exchange would be Sunday after Friday's precipitous falls on the Far Eastern markets, followed by a Wall Street rally reacting to the cutting by a half a percent of the Fed discount rate - but analysts said the TASE could rally today for the first time in over a week because of the cut. However, the dollar is not expected to rally, as the Fed makes credit easier for U.S. banks to get with the discount rate cut.
In a surprise move Friday, The Federal Reserve lowered the key interest rate by a half a percentage point, moving to ease a credit crunch and calm global stock markets by making it cheaper for financial institutions to borrow directly from the central bank. The Dow closed 233 points up, after markets in the Far East dropped by over 5% Friday.
In a surprise move Friday, The Federal Reserve lowered the key interest rate by a half a percentage point, moving to ease a credit crunch and calm global stock markets by making it cheaper for financial institutions to borrow directly from the central bank. The Dow closed 233 points up, after markets in the Far East dropped by over 5% Friday.
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