The last time Bernanke spoke the market rallied and everyone strained to find some kidn of causal link between the two. Now he’s talking again and after an initial spurt, the market’s sliding anew, continuing yesterday’s ugliness. All the indices are down, though by less than 1%.
Scaries is GE, which is down another 9%. It’s now below $7. A few more days like this and it’ll be bailout weekend for those guys.
Once again, how’s the lack of mark-to-market helping those guys?