Keith Springer, president of Springer Financial Advisors in Sacramento, Calif., said the U.S. stock market was “still running on the sugar high” from Bernanke’s comments Wednesday.
MarketWatch reporters Kate Gibson and Myra Saefong said, “U.S. stocks closed higher Friday to tally weekly and monthly gains, as a rally in shares of blue-chip component Caterpillar Inc. on better-than-expected earnings helped lift the Dow Jones Industrial Average to its highest closing level in early three years.”
Mr. Springer also pointed out that although the Fed said there would be no new quantitative-easing program, primarily to satisfy the inflation hawks, “the continuation of low interest rates for an extended period and the reinvestment of existing bond proceeds is essentially a QE mini,” he added. That’s “music to the stock market’s ears.”
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