By Gavin Adamson

(September 8 – 18:00 ET) – Markets were generally flat today.
Sluggishness reflected the remarks of a US Federal Reserve governor
who hinted that another interest rate hike might come in October.

Fed governor Laurence Meyer said he’s seeing “hints” that wages
are on the way up. They indicate that an interest rate increase
could be needed to subdue inflation.

In Canada the interest-rate sensitive banks were especially under
pressure. The TSE closed down 3.37, to 7055.13. The ASE was nudged
down 2.65, to 2666.55 in late trading. The ME was looking upward
late in the day. It rose 15.15 points, to 3762.74. The VSE was up a
point as well.

The Dow just barely posted a gain on a day of widespread downward
trading. It closed down 2.21, to 11,036.34. Nasdaq also hit the skids.
It stopped at 2808.74, down 28.52 points. The S&P was off 6.3, to
1344.15 as well.

Microsoft Inc. stocks were heavily traded, down US$1.55 late
in the day, to $92.69. Intel Corp. also dropped by US$1.25 to
close at $86.36.