Wednesday, August 22, 2012

Wall Street rallies on Fed meeting stimulus discussion

A day after U.S. stocks briefly topped four-year highs before fading and posting losses at the close, investors got what they wanted in the release of Federal Reserve minutes from a policy making meeting three weeks ago.

All American Investor

The minutes of the July 31-Aug. 1 meeting show many Fed officials speaking with increased urgency about the need to provide more help for a weak U.S. economy. Further support would be needed "fairly soon" unless the economy improved significantly, the minutes show, although they didn't detail what steps might be taken.
In late afternooon trading and after the release of the Fed minutes, the Dow Jones industrial average rebounded sharply although it is still below its opening level while rebounds in the Standard & Poor's 500 index and the Nasdaq composite index pushed them into positive territory.

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Original content Bob DeMarco, All American Investor