Stocks Rebound Slightly as Fed's Bullard Discusses Adjusting Quantitative Easing Tool

Some traders are attributing a modest rebound in the broader averages to comments made by the St. Louis Fed President James Bullard. Speaking at an event hosted by the European Economics and Financial Centre today, Bullard said:

• the volatility in the European markets is unliekly to "derail" the global financial recovery
  
• a "more volatile macroeconomic era" may be "unfolding"
  
• its unlikely that the recent contagion will spark a financial shock like in 2008
  
• banks are "very nervous" about a recovery
  
• the Fed's quantitative easing program has been "very successful"
  
• the Fed can adjust its quantitative easing tool if the economy slips
  
• a higher inflation environment is more likely than a deflationary environment
  
• the US's unemployment data is "going in the wrong direction"

After falling as much as 290 points at this morning's open, the Dow Jones Industrial Average is now down about 187 points. The index last traded around 9,878. Notably, the Nasdaq is down 1.82% and the S&P 500 is down 1.81%.

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