Investors and traders fuelled yet another big rally in the stock markets.
First, the scoreboard:
- Dow: 15,322.7 +142.9 +0.9%
- S&P 500: 1,652.2 +13.1 +0.8%
- NASDAQ: 3,483.3 +31.0 +0.9%
And now, the top stories:
- This week has been all about Ben Bernanke and the Federal Reserve, which started its two-day Federal Open Market Committee (FOMC) meeting today. Tomorrow, they will update us on the direction of monetary policy. Economists expect no change in the near-term. However, everyone will be listening for clues about when the Fed may start tightening.
- Last night on Charlie Rose, President Barack Obama dropped a big hint that Fed Chairman Ben Bernanke would leave at the end of his term, which comes at the close of this year. This is the consensus among the Fed-watchers. And those Fed-watchers agree that Fed Vice Chair Janet Yellen is the frontrunner to take over once Bernanke leaves.
- Earlier today, we learned that consumer prices climbed by just 0.1% in May, which was cooler than the 0.2% estimated by economists. This is good news for the Fed, who hasn’t had to worry about inflation interfering with its extremely easy monetary policy.
- Don’t Miss: Meet The 6 Federal Reserve Reporters Who Can Make Markets Go Crazy >
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