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Rabu, 10 Agustus 2011

U.S. Stocks Rally After Fed Says It Has Tools to Bolster Economy - Businessweek

Aug. 9 (Bloomberg) -- U.S. stocks rallied the most in more than two years as the Federal Reserve said it was prepared to use a range of tools to bolster the economy following yesterday’s rout in equities.

The Standard & Poor’s 500 Index gained as much as 2.9 percent in midday trading, then dropped 1.6 percent following the Fed’s statement before resuming its advance. Financial stocks, which paced a slide that erased $1 trillion in market value yesterday, soared more than 8 percent. Bank of America Corp. and Citigroup Inc. jumped at least 13 percent.

The S&P 500 climbed 4.7 percent to 1,172.55 at 4 p.m. in New York, the biggest advance since March 2009. The benchmark gauge for American equities dropped 6.7 percent yesterday and traded at 12.3 times reported earnings, the lowest valuation since March 2009. The Dow Jones Industrial Average rose 429.62 points, or 4 percent, to 11,239.47 today.

“We’ve gone too far, too fast,” Bruce McCain, who helps oversee $22 billion as chief investment strategist at the private-banking unit of KeyCorp in Cleveland, said in a telephone interview. “We may have a bit of a back and forth as the buyers and sellers temporarily gain the upper hand. Still, we’re at a point where the market is trying to put a bottom in place. The Fed is clearly setting a situation that could offer them the potential to do something significant, if necessary.”

The Fed pledged for the first time to keep its benchmark interest rate at a record low at least through mid-2013 in a bid to revive the flagging recovery after a worldwide stock rout. The Federal Open Market Committee discussed a range of policy tools to bolster the economy and said it is “prepared to employ these tools as appropriate,” it said in a statement today in Washington. Three members of the FOMC dissented, preferring to maintain the pledge to keep rates low for an “extended period.” Read More
Posted by Saham Pilihan at 04.47

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