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17 Jul 2013
Wall Street recovers the upside on a new Bernanke day
FXstreet.com (San Francisco) - In a choppy session, the US stocks market recovered the upside path after yesterday's decline. Investors were fueled by QE hopes as Ben Bernanke commented that the monetary policy will remain highly accommodative. The Chairman hinted that a 7% unemployment level would be okay to start tapering.
The Dow Jones advanced 18.67 points or 0.12% on the day to close the session at 15,470.52. The S&P 500 added 4.65 pts or 0.28% to finish at 1,680.91. And the Nasdaq Composite ended the day at 3,610.00 after rising 11.50 pts or 0.32% so far today.
According to the UBS analyst team the Fed has all options open. "Tapering will come when the economy improves. Currently it is too early. However, should financial conditions worsen, the Fed could also increase asset purchases", UBS says. "Nevertheless, financial markets consolidated recent moves, which means US interest rates dropped and the USD appreciated slightly. USD appreciation within ranges remains our main scenario".
The Dow Jones advanced 18.67 points or 0.12% on the day to close the session at 15,470.52. The S&P 500 added 4.65 pts or 0.28% to finish at 1,680.91. And the Nasdaq Composite ended the day at 3,610.00 after rising 11.50 pts or 0.32% so far today.
According to the UBS analyst team the Fed has all options open. "Tapering will come when the economy improves. Currently it is too early. However, should financial conditions worsen, the Fed could also increase asset purchases", UBS says. "Nevertheless, financial markets consolidated recent moves, which means US interest rates dropped and the USD appreciated slightly. USD appreciation within ranges remains our main scenario".