It was another quiet day in the markets.
First the scoreboard:
Dow: 15,401, +66.1 pts, +0.4%
S&P 500: 1,669, +3.0 pts, +0.1%
NASDAQ: 3,503, +7.1 pts, +0.2%
And now the top stories:
- Everyone’s waiting for tomorrow. At 10:00 AM ET on Wednesday, Federal Reserve Chairman Ben Bernanke will testify before the Joint Economic Committee of Congress. Everyone will be listening for clues on when and how the Fed plans to start unwinding or tapering its aggressive monetary policy. The Incredible Story Of America’s Boom, Crash, And Comeback In 99 Maps >
- We actually heard from two Fed members today. But they just reiterated their books. “NY Fed’s Dudley and St. Louis Fed’s Bullard sounding a dovish tone with regard to QE,” tweeted Deutsche Bank’s Joe LaVorgna. “Likely to be reiterated by Bernanke tomorrow.””
- One big question may relate to the stock market, which is currently sitting near an all-time high. Here’s Miller Tabak’s Andrew Wilkinson: “If Mr. Bernanke is grilled on the topic of the advancing stock market, we expect he will explain it in terms of a revaluation of earnings potential as a consequence of several years of financial repression rather than blaming it on ‘irrational exuberance’. He has said it before and we expect him to say it again, the stock market is hardly overvalued despite its recent rise.”
- Don’t Miss: The 49 Stocks That The Biggest Hedge Funds Love Most >
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