QE2, Possible Extension of Bush Tax Cuts Sends Stocks Surging
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Adding fuel to an already surging market today, President Obama is apparently open to extending the Bush-era tax cuts to all income levels.
If true, this may be President Obama's first major move to find common ground with the right after the landslide Republican win in the mid-term elections.
Following reports that the President may be bending, the Dow climbed higher and was briefly above the 200 point gain on the session. It is currently up 190 points.
The market was already higher today following yesterdays' QE2 announcement from the Fed. The Federal Reserve will purchase an additional $600 billion of longer-term Treasury securities by the end of the second quarter of 2011, a pace of about $75 billion per month. The Fed will also reinvest principal payments from its securities holdings, which will total $250-$350 billion.
If true, this may be President Obama's first major move to find common ground with the right after the landslide Republican win in the mid-term elections.
Following reports that the President may be bending, the Dow climbed higher and was briefly above the 200 point gain on the session. It is currently up 190 points.
The market was already higher today following yesterdays' QE2 announcement from the Fed. The Federal Reserve will purchase an additional $600 billion of longer-term Treasury securities by the end of the second quarter of 2011, a pace of about $75 billion per month. The Fed will also reinvest principal payments from its securities holdings, which will total $250-$350 billion.
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