Photo: Philo Nordlund via Flickr
It wasn’t a giant win in terms of price, just a giant win in terms of the durability of the rally.But first, the scoreboard:
S&P 500: +4
And now, the top stories:
- The huge earthquake of the day came around 10:00 PM ET last night, when the BoJ finally announced its much-awaited yen intervention, sending the yen sharply lower, after briefly touching a brand new high earlier in the evening. What made this such an effective move was the fact that everyone had figured the BoJ was not going to do anything, and also because the winner of the party election, existing-PM Kan, was seen as the anti-stimulus player. More intervention is coming, too.
- But outside of the currency market, the impact on the rest of the market was fairly limited. US futures didn’t move wildly on the news. Europe didn’t have a particularly violent session.
- In the US, there wasn’t a whole lot of macro news. The New York Fed Empire Index is showing signs of ongoing softness, though not a double dip just yet. Industrial Production was a tad on the weak side, though nothing too huge.
- Early on the market seemed to be clearly headed lower, but the losses were erased rapidly, and in the end, especially near the end of the day, the market turned in a decent gain, as the bulls’ win streak continues.
- As for other market stuff, it was all yen, yen, yen. Gold slipped a little bit. And now everyone is watching to see if the Swiss National Bank might make a move.