Powell, Yellen, Bernanke engage in a roundtable press conference about monetary policy. Powell says the Fed will be patient with rates. Much rejoicing. The market rallies the Dow 600 points as the market continues its huge gyrations. The action has reversed the Thursday losses and has the NYSE indices back over the 10 day EMA. It is absurd that our markets are moved by what a handful of unelected economic theorists muse, particularly when history proves they are wrong in their theories and actions at a frighteningly high rate.
SP500 65.12, 2.65%
NASDAQ 216.20, 3.34%
DJ30 579.58, 2.54%
NASD 100 3.39%
Jon Johnson, Chief Market Strategist
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