If you pull on a rubber band enough times, it’s eventually going to snap. The markets had been anticipating that the Federal Reserve would move swiftly to reignite the economy following another lackluster jobs report, and Ben Bernanke didn’t disappoint. Earlier this afternoon, the Fed outlined plans to purchase $40 billion in mortgage-backed securities on a monthly basis until the employment situation improves, and also noted that it’s unlikely its interest rate targets will move higher until mid-2015. News of this consistent bond-buying intervention sent all indexes screaming higher, with the S&P 500
Let’s take a glance at what stocks led today’s rally in the S&P 500, and note a few of the S&P 500’s laggards.
Companies that helped the S&P 500
Water-filtration company Pall
Anything and everything related to metals and mining also went on a tear today, with gold rising $34.50/oz., to $1,768.20/oz. Newmont Mining
Companies that hindered the S&P 500
UBS’ army of analysts willing to dish out downgrades took down another big name today in Northrup Grumman
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