Stocks Close Flat Ahead of Elections and QE2
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After zooming higher at the open, stocks ended the day only fractionally higher as investors wait for two important events - Elections on Tuesday and QE2 on Wednesday.
In addition to the anticipation of these two major events, stock weakened in afternoon trading following reports the SEC is investigating whether JP Morgan (NYSE: JPM) allowed Magnetar Capital to improperly choose certain assets for 2007's so-called "Squared" deal which bundled CDO's.
The Dow closed up 6 points to 11,125, the Nasdaq fell 3 points to 2,505, and the S&P 500 added 1 to close at 1,184.
Many expect large Republican gains in the House and the Senate, possibly gaining control of both chambers of Congress. Republicans need to gain 39 net seats in the House to gain control and 10 in the Senate.
Following a two-day meeting, on Wednesday the Federal Reserve is expected to announce measures for additional quantitative easing, or QE2 as it is being called. Recent reports from the Wall Street Journal suggested the program will involve gradual buying of bonds worth a few hundred billion dollars over several months.
In addition to the anticipation of these two major events, stock weakened in afternoon trading following reports the SEC is investigating whether JP Morgan (NYSE: JPM) allowed Magnetar Capital to improperly choose certain assets for 2007's so-called "Squared" deal which bundled CDO's.
The Dow closed up 6 points to 11,125, the Nasdaq fell 3 points to 2,505, and the S&P 500 added 1 to close at 1,184.
Many expect large Republican gains in the House and the Senate, possibly gaining control of both chambers of Congress. Republicans need to gain 39 net seats in the House to gain control and 10 in the Senate.
Following a two-day meeting, on Wednesday the Federal Reserve is expected to announce measures for additional quantitative easing, or QE2 as it is being called. Recent reports from the Wall Street Journal suggested the program will involve gradual buying of bonds worth a few hundred billion dollars over several months.
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