Market Shrugs at the Fed
Just over a month ago the Federal Reserve began its latest round of quantitative easing. Let's just take a look at where the market was then -- and where it is now.
The day before the Fed announcement, the S&P 500 closed at 1436, and today it stands at 1428. Some might call it down; I'd call it going nowhere. Gold was at $1,734 per ounce, and today it stands at $1,760. Again, looks like a whole lot of nothing to me. What of oil? It was priced at $97 per barrel the day before, and currently it's at 5% lower at $92, so that's a bit more meaningful. U.S. Treasury bonds have barely budged, as well: The 10-year note yielded 1.76% the day before the Fed announcement, and today it is at 1.66%....390 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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