STOCKS FALL AND LAST WEEK'S BERNANKE-RALLY IS GONE: Here's What You Need To Know
First, the scoreboard:
- Dow: 15,412.4, -38.6 -0.2%
- S&P 500: 1,702.5, -7.3, -0.4%
- NASDAQ: 3,768.1, -6.6, -0.1%
And now the top stories:
- It's been a couple of days since the Fed's shocking decision to not taper its large-scale asset purchase (LSAP) program. But everyone's still talking about it. One things for sure, all of the stock market gains that came in the wake of the Fed's announcement have evaporated.
- Three Fed officials spoke today about the decision. New York Fed President Bill Dudley explained that the labor market wasn't showing enough improvement and that the economy had not picked up the forward momentum he was looking for. "[I]t is important to recognize that the financial crisis generated significant headwinds that are only slowly abating," he added. "We must push against these headwinds forcefully to best achieve our objectives."
- From the Dallas Fed's Richard Fisher: "Here is a direct quote from the summation of my intervention at the table during the policy "go round" when Chairman [Ben] Bernanke called on me to speak on whether or not to taper: "Doing nothing at this meeting would increase uncertainty about the future conduct of policy and call the credibility of our communications into question."I believe that is exactly what has occurred, though I take no pleasure in saying so."
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