June 30 may be defining day for Street

0 Comments | USA TODAY, June, 2004 | by Adam Shell

NEW YORK -- It's not often that what happens on a single day can mark a definitive trend change on Wall Street. But June 30 is shaping up to be one of those rare 24-hour periods.

Analysts, traders and money managers are fixated on the last day of June. They've circled it on their calendars. They've sent reports to clients citing reasons why it has the potential to move markets. They've also been worrying about what could go wrong.

"It is like Y2K; people have become fixated on this one date," says Woody Dorsey, president of Market Semiotics, which analyzes investing psychology.

June 30 is the day the Federal Reserve is expected to raise short-term interest rates for the first time in more than four years. It's also the day the United States and its allies are...