Markets Work Off Oversold Conditions
After yesterday's swift sell-off US markets worked off their oversold conditions and meandered higher for the majority of the day. In the morning Federal Reserve Chairman Ben Bernanke gave testimony to the Senate Finance Committee. While he didn't deviate much from what has been discussed by other Fed officials over the past week he discussed the potential issues that could arise from a Fed exit from federally guaranteed asset markets and reiterated that the Fed's easy monetary policy would continue until there was substantial improvement in unemployment. Regardless US stocks sold off and reached the day's lows shortly after ...
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