Markets sagged after today’s FOMC minutes release, but stocks rebounded in the final hour.
First, the scoreboard:
- Dow: Up 3.70 points, or 0.04%
- S&P 500: Down 0.16 points, or 0.01%
- NASDAQ: Up 7.81 points, or 0.35%
Now, today’s news:
- The FOMC minutes showed an increase in worries among board members over the strength of the recovery and included a depressing projection that it would take five to six years to get back to our pre-crisis growth trend.
- Barclays has cut its Q2 GDP estimate from 4.5% to 3.0% in the U.S.
- Tech stocks boomed today after yesterday’s positive earnings results for Intel.
- Star Gartmore trader Guillaume Rambourg has resigned due to a FSA investigation into his conduct.
- A House Committee has proposed a bill banning BP from obtaining new offshore leases for the next 7 years.