Investors decided to not wait on the Fed statement, pushing the markets higher. The retail numbers bolstered the bulls, coming in line with expectations. The Dow has reclaimed 13k, up just under 110 points. Following suit, the Nasdaq has jumped above 3k, up 30 points. The S&P 500 is rounding out the rally, up nearly 12 points to 1,383.
All eyes are on the Fed today, awaiting the statement to be released at 2:30pm EST. What investors a re looking for is a sign of whether or not QE 3 is coming down the pipe. Globally the central banks have pumped somewhere in the neighborhood of $6 trillion to keep the banking sectors propped up, along with stock prices. Now the question becomes one of sustainability? Can the economy get on a growth trajectory that will allow a walk back of the stimulus. Cause the money hose has to get shut off eventually. [Read more...]