Daily Market Brief (Thurs): When losing feels like winning. That was our theme of the day. Similar to team USA advancing in the World Cup despite losing to Germany the market felt like it won despite closing in the red, as the S&P 500 declined -0.1% to 1,957. It was the ability to claw back from some steep, early equity losses that helped the session finish on a high note. Further channeling team USA, specifically its lack of offense, equities then stalled throughout the afternoon. So what caused this morning capitulation? St. Louis Federal Reserve Bank President James Bullard said that interest rates could rise in the first quarter of 2015, not the latter part of next year as previously stated by Fed Chairwoman Janet Yellen. What is the Fed thinking? How are its members not on the same page when it comes to providing the media information it knows investors will gobble up? This would be like the general manager of a sports team saying one thing and then the coach of that team saying something contradictory. We would think their representatives should be aligned, even if there is internal dissent regarding policy actions or timing. GoPro, a recordable camera maker used to record extreme sports, went public this morning and saw its value jump more than +30% on its first trading day. percension/daily-market-brief-june-26-2014/#.U6yIgfldWSo
Posted on: Thu, 26 Jun 2014 20:56:32 +0000