Posted on 12/18/2013 1:16:37 PM PST by NormsRevenge
NEW YORK (Reuters) - The Dow and the S&P 500 closed at all-time highs on Wednesday after the Federal Reserve announced a small reduction in its stimulus program, confirming that the U.S. economy was on firm footing.
(Excerpt) Read more at finance.yahoo.com ...
S&P 500 gained 29.65 .. 1.66 percent.. 1,810.65
Break out the champagne and cigars, Wall Street!
Merry Christmas!
“confirming that the U.S. economy was on firm footing.”
Oh really??
I am always baffled at how the MSM attributes a cause to why the stocks go up or down every single day and almost none of them have anything to do with how companies are performing.
I know, right.
US Federal Reserve pulls back on stimulus effort
http://www.bbc.co.uk/news/business-25436982
The US Federal Reserve has announced a slowdown in its effort to boost the US economy.
The central bank said it planned to scale back its $85bn (£51.8bn) a month bond buying programme by $10bn a month.
Stimulus of this kind is designed to lower interest rates and boost economic activity
The Fed’s governing committee cited stronger job growth as a reason for the decision to pullback its programme of bond buying.
The announcement followed a two-day meeting in Washington DC.
—snip—
‘Symbolic’
US markets cheered the news.
The Dow Jones surged to close up 292.71 points, or 1.84%. Both the Nasdaq and S&P 500 indexes were up over 1% as well.
That is partially because, while significant, the amount of the pullback in bond-buying was slightly less than expected.
“Ultimately this a very small amount - it’s symbolic rather than more substantive,” Steve Wood, chief market strategist at Russell Investments, told the BBC.
—snip—
“The takeaway from this is that while the Federal Reserve might be reducing the dosage of the antibiotic, they’re not going to be discharging the patient anytime soon.”
—
and when they do, it’ll be straight into the arms of Obamacare.
Uncle Ben didn’t want to go out as the GRinch that stole Christmas.
WTF?
In the past, mere rumors of “tapering” cratered the markets.
confirming that the U.S. economy was on firm footing Wall Street's pusher is still dealing
There we go......
But now liberals are flailing. And thi is why Bernanke is now tapering. Wall Streets views all this as a good thing for recovery.
lol.. It’s always ‘snowing’ somewhere on Wall Street.
The markets are relieved the Fed is making a very small cut, while suggesting rates would remain at their ultra-low levels even longer than previously stated.
In other words, the money printing continues for the indefinite future, at $75 BILLION each month. The party goes on.
The drunks were scared that the bar would be closed. Instead the new bartender just locked away the Everclear, keeping the whiskey, gin, rum and vodka flowing. DTs averted for now. I still don't want to be on the road when they are finally told that the bar is closed and they have to drive home.
yeah, just ask Kudlow!
It was fun to watch. The averages, DOW, etc. actually started off down slightly today. I was checking my own stuff when Ben’s mush showed up on TV. As soon as he started talking the whole shebang started climbing. The Dow actually closed about 272 but coasted up a bit more as all the weegy boards got toted up. Missing from todays happiness is that Monday and Tuesday were nice up days for many equities. Tuesday was actually a bigger X2 day for me than today. I was kind of hoping Beranky actually had something to say-—can you imagine how much good that would do?
Looks like 2013 starts and ends with a DJ +300 point day.
/rimshot
last I had looked it was barely above water, a couple hours later, booom.. we’ll take it..
“US markets cheered the news.”
So what is the deal here?
When the FED says they will not stop pumping money into the market, stocks go up.
When the FED says they will reduce the amount they are pumping into the economy, stocks go up.
I see a problem here. The market is based on a false economy.
There, I said it.
Just like there is NO inflation, according to the media propaganda thugs.
OH REALLY? Don’t these people go to the grocery store?
Oh yea, they have so much money they have someone take care of the little issues like buying food for the rulers.
Price is more, quantities are less. The new retail scam.
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