Dow Jones Industrials (DIA) fade after Dr. Bernanke visits Capitol Hill.
The big fade set in after Dr. Bernanke visited Capitol Hill and hinted that he might bring out his magic punchbowl once again.
The Dow (DIA) rallied strongly on the hint of “QE3″ to as high as 12, 611 and then gave most of that back in the last going, shedding more than 100 points to close up 45 for the day.
He talked about “untested steps” and lectured abput the dangers of not raising the debt ceiling.
It was another “boring” day as gold reached a nominal record high, the dollar tanked on Dr. Bernanke’s testimony, Fitch downgraded Greece to deeper junk status, CCC, and the European federation still couldn’t figure out what to do about Greece.
Dow Jones Industrials: (DIA) +0.4%
NASDAQ: (QQQ) +0.5%
S&P 500: (SPY) +o.3%
Oil: (USO) +2.3%
U.S. Dollar (UUP) -1.1%
Gold: (GLD) +1.5%
Tomorrow’s Economic News:
June Retail Sales (this is going to be an important number)
Dr. Bernanke testimony on Capitol Hill
Producer Price Index
Consumer Price Index.