Stocks Rally Off Lows, Fed's "Firmer Footing" Comments Help
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U.S. stocks are well off their lows as investors found solace in the Federal Reserve's statement today about the state of the US economy. In addition, the situation in Japan doesn't appear to be getting worse.
Hearing into the close the Dow is down 101, more than halving earlier losses. The Nasdaq is down 26 and the S&P 500 is down 10.
In its statement, the FOMC maintained interest rates at zero percent but indicated that the "economic recovery is on a firmer footing." This was a slight upgrade from the wording in its prior statement that "the economic recovery is continuing, though at a rate that has been insufficient to bring about a significant improvement in labor market conditions."
Surprising, the FOMC made no mention of Japan in the statement, suggesting they see limited impact from the events there.
Today's move in US stocks can be seen as a win for investors as the 11 percent sell-off in Japan overnight painted a grim picture this morning.
Hearing into the close the Dow is down 101, more than halving earlier losses. The Nasdaq is down 26 and the S&P 500 is down 10.
In its statement, the FOMC maintained interest rates at zero percent but indicated that the "economic recovery is on a firmer footing." This was a slight upgrade from the wording in its prior statement that "the economic recovery is continuing, though at a rate that has been insufficient to bring about a significant improvement in labor market conditions."
Surprising, the FOMC made no mention of Japan in the statement, suggesting they see limited impact from the events there.
Today's move in US stocks can be seen as a win for investors as the 11 percent sell-off in Japan overnight painted a grim picture this morning.
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