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Bernanke Reappointment, Case-Shiller, Consumer Confidence, Treasury Auction
The big headline this morning is that President Obama plans to keep Ben Bernanke as chairman of the Federal Reserve. “Mr. Obama's decision had become a subject of growing speculation and uncertainty in financial markets and in Washington policy circles,†according to the Wall Street Journal, who said Obama will make the announcement from Martha’a Vineyard, Mass., later today.rnrnThe decision appears to be surprising to some on the political left, as Bernanke is a Republican who some blame for not preventing the crisis. But it would be a poor tactic to swap the Fed chairman, a scholar of the Great
Mid-Day Recap: Equities Continue Friday’s Rally
With Japan’s Nikkei index posting its biggest one-day gain in more than three months, US equities opened higher on Monday and then extended those gains to new 2009 highs. Approaching 11:30, the S&P 500 is building on its 2.2% gain last week by trading 0.88% higher at 1,035 ― its best level since October. The Dow is up 0.82% to 9,584, and the Nasdaq is trailing with a 0.67% gain to 2,034.
Three More Housing Reports
The week is beginning on a global wave of optimism with equities across Asia climbing, partly in response to Friday’s US existing home sales report, which trounced expectations with a 7.2% gain in July. Earlier today in Japan, the Nikkei 225 jumped 3.35% ― its biggest one-day gain since May 7 ― on optimism that the US would rebound. “The housing report confirmed the U.S. is clearly on a path to recovery,†said Yoshinori Nagano, senior strategist at Daiwa Asset Management, according to Bloomberg News. “The fundamentals of the global economy and corporate earnings are improving, supporting the resilience of
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