Poor Data Eases Tapering Concerns, Boosts Stocks (Bloomberg)
Disappointing economic data released today led investors to believe that the Federal Reserve, in its meeting next week, would not be as aggressive in tapering its stimulus. As a result, stocks rose today. “The view is that we’re recovering and continue to do it in a slow pace,” Channing Smith, at Capital Advisors Inc. in Tulsa, Oklahoma, said. “The Fed will begin to taper but will be on a magnitude of $10 billion, which shouldn’t have an impact.”
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