There’s Nothing Like A Good Panic To Get Your Blood Moving
It looks like one stimulus this year was enough for the U.S. economy. So sayeth the Federal Reserve in their decision today to keep interest rates exactly where they are.
And so far at least, that lack of change doesn’t seem to be having any lasting affects on the markets, though in typical shoot first and ask questions later mode, investors initially panicked when the news was first announced earlier this afternoon.
But then they largely jumped back on the bandwagon after vacillating several times over.
As the afternoon progressed well past the roughly 2:15 announcement from the Fed, the Dow Jones rose 169.92 after it first fell 100 points. That rivals Monday’s ride of a 105-point raise and drop of 175.
All told, the S&P rose around 11 points while the Nasdaq gained just over 15. Bond prices fell, the 10-year Treasury note rose and the dollar’s results were mixed against fellow currencies such as the yen and the euro. Both oil and gold fell further though, while gasoline notched up several pennies over the course of the day.
In a nutshell, it was a busy day for everybody involved in the markets, to say the least.
This now marks the Fed’s third straight decision to leave interest rates unchanged, a move that shows confidence on their part that the economy isn’t headed directly towards ruin. Which of course is a good thing if it’s accurate. Presumably, they can see the bigger picture. They’re educated and experienced in doing so.
While the unfolding fate of the financial world looks increasingly grim, stabbing rifts in the former optimistic beliefs of last month that the markets had found their bottom, it is nice to have a little reassurance that life will eventually get back to normal.
I would say I hope that happens sooner than later, but maybe any immediate solutions are simply quick fixes that will unravel and leave us in even more dire straights further down the road.
http://www.smartprofitsreport.com/archives/2008/market-forecast486.html
Tuesday, September 16, 2008 — by Jeannette Di Louie, Assistant Editor of Mt. Vernon Research
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