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| English: A frame from a screencast from the US House Financial Committee full committee hearing "An Examination of the Extraordinary Efforts by the Federal Reserve Bank to Provide Liquidity in the Current Financial Crisis which took place Tuesday, February 10, 2009, 1:00pm, 2128 Rayburn House Office Building. The frame shows Chairmen Ben Bernanke responding to a question posited by John E. Sweeney Full Committee (Photo credit: Wikipedia) |
Jobless claims and increasingly soggy-looking earnings news could set the tone for stocks Thursday, after a two-day rally fueled by the prospect of more Fed easing. Stocks rose Wednesday, as Fed Chairman Ben Bernanke testified before a Congressional committee for a second day.
Bernanke repeated his view that the economy has weakened, but he noted the Fed does not see a double dip recession.
He also said the Fed is committed to doing all it can to ensure progress in employment, and that it is ready to take action as needed. The S&P was up 9, at 1372, just below 1375, its early July high and a point of key resistance. The Dow charged ahead by another 103 points, to 12,908, giving it a 1.4 percent gain over two days.
Bond yields, meanwhile, slid, taking the 10-year yield to 1.479 percent.
The Fed next meets at the end of the month, but many in the markets now expect it to take action at its September meeting. ... Continue to read.
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