Weekly US stockmarket report: Sept 17th-24th

The much-anticipated quarter point rate hike in the federal funds rate did little to unnerve the market on Tuesday; the Morningstar US Market Index actually finished the day up 0.68%.

Morningstar 30.09.2004
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In spite of Tuesday's modest gains, the US Market Index finished the week in the red, down 1.48% for the week. Investors grew wary that the rising oil prices might impede near term economic growth.

Value stocks [shares], which have beaten their growth and core peers by a wide margin over the past 12 months, did an about face last week. The Morningstar Large Value Index lost 2%. Fannie Mae, the federally chartered financier for home mortgages, held back the index when its financial stability came under scrutiny. The stock lost more than 15% for the week after the Office of Federal Housing Enterprise Oversight released a report on Wednesday raising questions about its dubious business practices ranging from the company's corporate culture to its accounting practices.


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