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CNN Live At Daybreak

11th Interest Rate Cut Fails to Inspire Sustained Buying

Aired December 12, 2001 - 06:44   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CATHERINE CALLAWAY, CNN ANCHOR: Turning our attention now to business news, let's go once again to CNN's David Haffenreffer up there in New York -- good morning, David.

DAVID HAFFENREFFER, CNN FINANCIAL NEWS CORRESPONDENT: Hi, Catherine. Well, the stock index futures, at this point -- this is the good news -- pointing to a slightly higher open for us today, although they are off their highs at the moment.

Yesterday, an 11th interest rate cut this year failed to inspire any sustained buying on Wall Street. In its statement, the Federal Reserve said it saw some signs of tentative stabilization, but said it does remain focused on the risks of economic weakness.

A disappointing outlook from Merck late in the session also reminded investors that the timing of an economic turnaround is still very much uncertain.

Meantime, Congress will be turning the spotlight on two companies today. At 10:00 a.m. Eastern Time, the Senate Judiciary Committee will look into the Justice Department's antitrust settlement with Microsoft. The hearing is expected to focus on what the settlement means for consumers.

At the same time, a joint hearing of two House panels will ask questions about the Enron bankruptcy. Members of Congress want to find out what went wrong at the troubled energy trader. But the company's CEO, Kenneth Lay, has decided not to attend.

That is a quick look at business news -- Catherine, back to you.

CALLAWAY: All right. Good to see you this morning, David.

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