FDN - The Market Loves What It Sees Ahead
The stock market passed an important hurdle on Wednesday. While most participants were expecting the Fed to keep interest rates unchanged, many felt that the market would sell off once the announcement was formally made. The old adage about “buy the rumor, sell the news” was often brought up in market commentaries and some felt that sellers would use the latest Fed announcement to sell stocks. Instead, the shorts were forced to cover as traders reacted positive to the Fed’s affirmation that it would indeed bow to the demand of the market in keeping its