Stocks Reach Records on Fed News

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Stocks Reach Records on Fed News (Bloomberg)

Upon learning that the Federal Reserve has no plans to immediately taper its $85-billion-a-month stimulus program, investors flooded the markets, propelling both the S&P 500 and Dow to record highs. “Everyone was a little stupefied,” Erik Davidson, deputy chief investment officer for Wells Fargo Private Bank said. “It’s great to own stocks when we’re at these great levels. When money’s going to continue to be free for a while, it all plays into the valuations.”

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Nearly everyone on Wall Street pretty much thought the Fed would do some sort of “tapering” of its current $85-billion-per-month bond buying scheme when it announced its decision on monetary policy today. Well, nearly everyone was wrong.

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