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Manufacturing Data Lifts Stocks from Fed-Induced Decline (Bloomberg)
Following yesterday’s Federal Reserve minutes which led investors to worry about a rise in interest rates, stocks rose today manufacturing data triggered optimism about the economy. “People assessed what [Fed Chair Janet] Yellen said yesterday during her press conference, which allowed clearer heads to prevail,” Robert Pavlik, chief market strategist at Banyan Partners LLC, said. “There was an overreaction to the market yesterday, and you’re essentially getting it all back today. Plus you’ve seen a slight improvement in the economic news from this morning.”
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