With little market-moving news, today’s rally could be characterised as a dead cat bounce. Then again, there was a headline from the WSJ’s Jon “Fedwire” Hilsenrath.
First, the scoreboard:
- Dow: 14,803.3, +45.1, +0.3%
- S&P 500: 1,593.1 +4.9, +0.3%
- NASDAQ: 3,354.6, -11.5, -0.3%
And now, the top stories:
- A two-day, post-Fed global market market sell-off finally ended with a modest “dead cat bounce” rebound.
- At around 6:00 AM ET this morning, the St. Louis Federal Reserve published a statement on behalf of Fed President James Bullard regarding Ben Bernanke and the Federal Reserve’s decision to forecast a timeline for when the Fed would taper, or gradually reduce, its stimulative bond-buying program. Bullard was a dissenter at this week’s Federal Open Market Committee meeting, arguing that the Fed probably could’ve been a bit more dovish.
- “President Bullard also felt that the Committee’s decision to authorise the Chairman to lay out a more elaborate plan for reducing the pace of asset purchases was inappropriately timed,” said the St. Louis Fed in the release. “President Bullard felt that the Committee’s decision to authorise the Chairman to make an announcement of an approximate timeline for reducing the pace of asset purchases to zero was a step away from state-contingent monetary policy.”
- Markets spent most of the day struggling to stay positive. But they got a nice boose in the afternoon after the Wall Street Journal tweeted: “WSJ’s HILSENRATH: Analysis: Overlooked ‘Dovish’ Signals In Bernanke Press Conference””
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