Shocking. News that China is going to spend money to rebuild its roads and train tracks, while artificially inflating grain prices isn’t necessarily good news for stocks in the US. After gaining hard early, it turns out the markets have nothign to rally about. The S&P 500 and the NASDAQ are both off more than 1%, while the DOW has come off its tripe digit declines.
A good tell that there’s not much excitement about the China stimulus. A company like Caterpillar (CAT), which was up sharply in the morning, is now off over 2%. If people really thought the news represented a big jolt to infrastructure spending, there’d be more enthusiasm for a company like that.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.