In the New York Times the other day, William D. Cohan
presented his explanation
for the recent 500-point (3%) pullback in the Dow Jones Industrial Average.
He begins by reporting the words uttered by Fed chief Bernanke
that apparently prompted the stock losses:
He said the economy
looked as if it was slowly improving, that Fed officials saw signs that
employment was picking up and that the inflation rate was hovering below the
Fed’s target of 2 percent.
Sounds like good news, doesn’t it? Mr. Cohan agrees.
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