NY Magazine weighs in with..."It's unfortunate how it now counts as good news whenever the markets aren't nosediving for any significant period of time. But that's what it's come to, so ... hooray!
After a rocky start, the Dow, as of this exact moment, is up 234 points on the day, a vast improvement over yesterday, when it was down one million points, give or take. Investors could be hoping that the worst is behind us, and may be optimistic about a meeting later today of the Federal Reserve's policy board.
What exactly can Ben Bernanke and the Fed do at this point? They've set interest rates near zero since 2008, so what's left? Well, there's always another round of quantitative easing, which essentially means creating money out of thin air and using it to buy assets from banks and other investors. QE2, as the second round of quantitative easing was known, resulted in the purchase of $600 billion in asset purchases and is credited by many for causing a sharp rise in stock prices in the first half of this year — of course, that's now been erased by the last week's plunge.
There are some other technical moves the Fed might announce this afternoon, but ….
Find more at http://nymag.com/daily/intel/2011/08/the_market_isnt_tanking_yet_to.html
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