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Home > News and Opinion > Fed Comments Help Stocks

Fed Comments Help Stocks

Lee Siler | Thursday, July 16th, 2009

The market had one of the best days of the year on brisk trading. Earnings news is adding fuel to this market and this morning JP Morgan Chase is the accelerant. The company announced that strength in their core consumer business and investment banking offset a jump in credit losses. Earnings were 28 cents a share versus estimates of only 4 cents.  However, revenues fell slightly short of expectations. JPM is traded up almost 4.5% yesterday.

Also helping the markets was a more hawkish outlook on the economy from the Federal Reserve.  The Central Bank raised its GDP forecast for 2009-10 despite job woes.  Policymakers predict the end of the recession “before long” according the newly released minutes.

Stocks are indicating a slightly lower opening.  Although the recent performance has been stellar, I’m still not convinced.  But, I’m preparing to make a move if this rally has legs…

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