Stocks Gain Following Consumer Sentiment Flop; Welcome to the Bizarro World of Fed Taper
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Stocks were lifted on Tuesday following data on consumer confidence. The Index now stands at 70.4, down from a revised 72.4 in October. The consensus was 72.6.
Despite the negative print, stocks gained and the S&P entered positive territory. Internet names including Amazon.com Inc. (Nasdaq: AMZN) and Facebook, Inc. (Nasdaq: FB) were among the gainers.
In order to account for the positive reaction to the negative consumer sentiment reading, traders point to worry the Fed will taper its $85 billion bond buying plan. In this context, bad data is being considered good and vice versa, as Wall Street continues to fear an end to easy money.
Despite the negative print, stocks gained and the S&P entered positive territory. Internet names including Amazon.com Inc. (Nasdaq: AMZN) and Facebook, Inc. (Nasdaq: FB) were among the gainers.
In order to account for the positive reaction to the negative consumer sentiment reading, traders point to worry the Fed will taper its $85 billion bond buying plan. In this context, bad data is being considered good and vice versa, as Wall Street continues to fear an end to easy money.
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