Markets Open Up - Blame It on the Fed

June 12th, 2013
in Gary's blogging, market open, syndication

Unfortunately, Gary continues to be sick as a dog - and Econintersect is therefore providing the market open from our syndicate partner

During early U.S. trade, the Dow Jones Industrial Average advanced 0.49%, the S&P 500 index climbed 0.50%, while the Nasdaq Composite index rose 0.35%.  Speculation that the U.S. central bank will begin to taper its asset purchase program continued following last week’s upbeat U.S. jobs data and after ratings agency Standard & Poor’s revised its long-term outlook on the U.S. credit rating to stable from negative on Monday, citing an improving economic outlook.

But the initial euphoria was short lived.

Follow up:

By 10:15 the markets slide into negative territory.  From Reuters:

NEW YORK (Reuters) - U.S. stocks pared early gains and the Nasdaq turned negative on Wednesday as investors continued to mull how soon central banks will begin to scale back supportive measures.

The Dow Jones industrial average gained 9.21 points, or 0.06 percent, to 15,131.23. The Standard & Poor's 500 Index added 1.24 points, or 0.08 percent, to 1,627.37. The Nasdaq Composite Index lost 2.65 points, or 0.08 percent, to 3,434.30.


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