Stock futures were in improved position this morning and the rebound stage was
set. Through mid-day, the major stock index composites were posting green in the
U.S. and investors were optimistic that the Feds would provide additional
economic stimulus to prop up the economy. The negative response to the credit
downgrade pushed index composites exceptionally low yesterday as the DJI
finished with such negative outcomes, one had to go back years to find another
quite so poor. Wall Street investors felt that this action would push the Feds
to move towards further economic stimulus. This did not happen and as a result,
index trends were choppy. The Federal reserve stated that interest rates will
remain exceptionally low through 2013, but no further indication was given
regarding additional stimulus to the U.S. economy. Stock indices look to hold
onto at least some of the gains as the trading session wraps up today. The
dollar dropped lower to the euro and Japanese yen and gold retained its luster
as it moved higher. Approaching close, the indices were still green. The Dow
Jones Industrial Average was positive by 2.78 percent at 11,110. The Nasdaq was
green by 3.85 percent at 2,450 and the S&P 500 was up by 3.35 percent at 1,157.
Frank Matto
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