Suddenly the bears are putting a streak together (two days).
But first, the scoreboard:
S&P 500 -5.59
And now, the top stories:
- The big story overnight was the ongoing fallout from the Fed’s decision to pave the way for quantitative easing. The effect was felt most dramatically in the currency market, where the dollar continued to plummet against other currencies. The yen, gold, and the euro are all on fire.
- Despite the rally in the euro, European markets had a rough day. Spain was a notable loser. Irish bond spreads continue to widen.
- There was relatively little macro news today. The FHFA July home price index came in a bit weaker than expected, though it wasn’t a huge market mover.
- Basically, today was about digesting the Fed’s move, and anticipating the response from other central banks.
- News continues to come in hot on the political front. New York Governor frontrunner Andrew Cuomo is in a shockingly close race with Tea Partier Carl Paladino, according to a new poll and Bloomberg reported that Rahm Emanuel is leaving The White House sometime in October.
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