Building materials suppliers higher after Fed news

By Associated Press
September 16, 2008 | Comments (0)

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Shares of companies that supply building materials were mostly higher Tuesday after the Federal Reserve left a key interest rate unchanged.

The central bank said Tuesday it was keeping its target for the federal funds rate, the interest that banks charge on overnight loans, unchanged at 2 percent.

In a statement, the Fed said "strains in financial markets have increased significantly and labor markets have weakened further."

The Fed last lowered the federal funds rate on April 30 by one quarter of a percentage point to 2 percent. The last time the rate stood below 2 percent was in 2004.

Shortly after the Fed decision was announced, Masco Corp. fell 19 cents to $18.42 , USG Corp. gained 20 cents to $28.46 and Mowhawk Industries Inc. rose $1.38, or 2 percent, to $69.64.

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