Although many analysts don't expect a rate hike to have much negative impact on the on the Dow. Comdex, the world's largest computer trade convention, opened today in Las Vegas with an upbeat speech by Bill Gates emphasizing the future of the Internet. Wall Street will be closely watching for emerging technology trends this week from Comdex. China signed an agreement today with the US clearing its way for entry into the World Trade Organization. The deal still has to meet with the approval of Congress.
Opinion is split, too close to call.
In the shadow of Fed's decision industrial production numbers will come out tomorrow, which will shed some light on the strength of manufacturing sector and gauge factory capacity. Excess capacity bodes well for lower inflation into next year. On Wednesday, Wall Street will be watching for the new housing numbers which could reveal whether the higher interest rates are having an impact. Also, the important Consumer Price Index for October is released. Apple's PowerPC partners, IBM and Motorola, both ended the day down.