Dow Jumps 200 Points as Dovish Fed Minutes Support Stocks
A dovish dose of the Fed was just what the stock market needed today....MORE
The S&P 500 has gained 1.1% to 1,956.38 at 2:54 p.m., while the Dow Jones Industrial Average has advanced 183.80, or 1.1%, to 16,903.19. The Nasdaq Composite has risen 1.3% to 4,441.89 and the small-company Russell 2000 is up 1.4% to 4,441.89. Stocks were down earlier today.
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Boosting the market this afternoon: The minutes from the last Fed meeting, which show those in favor of easy money still in control. The Lindsey Group’s Peter Boockvar explains:
Bottom line, there are a lot of differing opinions in the minutes and we can all take out what suits us but markets love any hint that the doves are in control and they certainly got that continued sense within the minutes. But, the unemployment data continues to work against those who want to keep rates at zero as since these minutes, the unemployment rate fell again to 5.9% (now at their year end target), the participation rate fell again (decline not cyclical but structural) and there was another big increase in the amount of job openings.Whether this is the beginning of the next leg higher or just a bounce before further pain will depend on the economic data, write ISI Group’s Dennis DeBusschere:
