Friends
Stocks got off to a good start this morning as there was nothing new out of Europe to deter traders from snapping up some bargains from the previous two days’ carnage. Later in the afternoon the Fed statement was released with an indication that GDP growth will continue to be moderate at best for the next couple of years. Dr. Bernanke indicated that interest rates will remain low and that, if necessary, they have additional measures they can take to stimulate growth (quantitative easing).
With that as the backdrop, the DJIA finished the day up 177 points and the S&P 500 was up more than 19 points to close at 1237. Gold also enjoyed a good day rising $25 to close near $1736.
It was nice to see the market bounce back a little bit after the last two days of trading. We’ll see if we can build on today’s move over the next couple days. Most importantly, we’ll be anticipating Friday morning’s non-farm payroll number.
We’ll check in with you tomorrow. Have a nice evening everyone.
