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Alt 21.03.2009, 10:26   #144
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>After several days of sharp gains, stocks ended the week with a session that saw major averages retreat once again. The Standard & Poor’s 500-stock index pulled back after bouncing off its 50-day moving average amid an active day where more than 2.46 billion shares changed hands on the New York Stock Exchange. Next week brings a slew of economic data, with key releases on housing sales, durable-goods orders, and personal income and spending, and that will segue into the early days of the earnings warnings season, a potential pitfall because of the renewed optimism that investors have ginned up in the last week or so. Strategists at BNY ConvergEx write this week that the rally could continue to run for a while, but the stress tests of the large banks and the likelihood of reduced earnings expectations will act as obstacles to a sustained advance in stocks. The hope, of course, comes from the Fed’s decision to use quantitative easing to try to resuscitate the markets, and the outlook here remains uncertain. Certainly shares got a jolt from the Fed’s decision to buy $300 billion, but that’s a small fraction of the existing Treasury market and the steady reduction of positions in U.S. debt by foreign investors may serve to offset this. The time-buying measure undertaken by the Fed will only work if the banking system is nursed to health, counterparty risks dissipate as a force holding back lending, and markets smooth out. “The Fed measures will increase the broad money supply, which should lower long-term interest rates and make it easier for banks to lend,” write analysts at Markit Group. “But it has become clear that the transmission mechanism from the central bank to the private credit markets is not functioning correctly, and the Fed measures will not be effective if banks decide to hoard cash.”<

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eine kurze erholung zum wochenende tut der aktuellen bärenmarktrallye ganz gut - bis die ersten heftigen gewinnwarnungen für q1 eintreffen
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