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    U.S. Stocks Rise on Fed Speculation

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    hurricanemaxi
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    Posts : 34
    Join date : 2011-08-10

    U.S. Stocks Rise on Fed Speculation

    Post  hurricanemaxi on Tue 23 Aug 2011, 10:52 pm

    U.S. stocks rallied, reversing earlier losses, as the government’s list of “problem” banks declined for the first time since 2006 and investors speculated the Federal Reserve will act to spur the economy. Treasuries fluctuated ahead of a two-year notes sale.

    The Standard & Poor’s 500 Index jumped 1.2 percent at 11:27 a.m. in New York, after declining 0.1 percent. The MSCI All- Country World Index added 1.2 percent. S&P’s GSCI Index of 24 raw materials rose 0.5 percent, with oil resuming gains after erasing an earlier rally. Treasury 10-year yields decreased one basis point. The dollar fell against 15 of its 16 major peers.

    The MSCI gauge of global equities is rebounding from the lowest level since September before central bankers meet this week in Jackson Hole, Wyoming. Last year, Fed Chairman Ben S. Bernanke’s hint of a second round of asset purchases spurred a 28 percent jump in the S&P 500. Financial stocks in the S&P 500 rose 1.1 percent, reversing an earlier decline, after the Federal Deposit Insurance Corp.’s list of “problem” banks fell in the second quarter as the cost for bad loans eased.

    “It’s all about psychology,” Philip Orlando, the New York-based chief equity market strategist at Federated Investors Inc., which oversees about $355 billion, said in a telephone interview. “The market is rallying on the expectation of QE3. We don’t think there’s a justification for it. This is an extraordinarily risky environment. That’s not something that the average investor has the stomach for, but much like 2009, this could be an extraordinary buying opportunity.”
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