Anxiety remains even after stock rebound
Monday, 3 September 2007
NEW YORK, Sept 2 (Reuters): Stock markets ended one of the most volatile months in years on an impressive note, but this week still will not be any easier for investors as the employment report and housing turmoil remain high on radar screens.
Federal Reserve Chairman Ben Bernanke acknowledged Friday the problems in subprime lending and reiterated that the central bank will take the necessary steps to shelter the economy from turmoil in financial markets.
But he warned "it is not the responsibility of the Federal Reserve-nor would it be appropriate-to protect lenders and investors from the consequences of their financial decisions."
Investors, returning from the Labor Day holiday, and if lucky, a long summer vacation, will be watching closely for any further deterioration in the housing and consumer markets.
"September is turning out to be a critically important month for the markets," said Keith Wirtz, president and chief investment officer at Fifth Third Asset Management in Cincinnati.
Federal Reserve Chairman Ben Bernanke acknowledged Friday the problems in subprime lending and reiterated that the central bank will take the necessary steps to shelter the economy from turmoil in financial markets.
But he warned "it is not the responsibility of the Federal Reserve-nor would it be appropriate-to protect lenders and investors from the consequences of their financial decisions."
Investors, returning from the Labor Day holiday, and if lucky, a long summer vacation, will be watching closely for any further deterioration in the housing and consumer markets.
"September is turning out to be a critically important month for the markets," said Keith Wirtz, president and chief investment officer at Fifth Third Asset Management in Cincinnati.