Both estimate-beating earnings and a rise in consumer spending lifted the S&P 500 today, as it erased the losses accrued earlier this week. “Given this momentum and recent sharp declines in the unemployment rate, the Federal Reserve looks justified in its decision to continue to taper bond purchases yesterday,” David Kelly, the chief global strategist at JPMorgan Funds in New York, said. “Assuming that the current volatility in emerging markets subsides, this report should bolster the case for both higher interest rates and higher stock prices.”
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