Sydney - Thursday - January 6: (RWE) - US financial markets have been subdued overnight as traders continued to try and discern the Fed's motives out of the raw uncensored thoughts of FOMC members' in the minutes released yesterday. It seemed the initial statement on December 14 immediately after the meeting was more mundane than the detailed comments about inflation concerns and whether this signals faster increases in interest rates. Wall Street seemed to get over the first reading of the minutes yesterday which sent the Dow sliding 99 points but today reclaimed 17 points.
The S&P 500 has crept up a point despite a disappointing fall in December sales registered by Circuit City Stores Inc.
But there was no respite for the Nasdaq composite which continued to lose ground, sliding 6 points and the 100 index 1. The oil price fell following a rise in distillate reserves including heating oil last week. February light crude settled 52c lower at …