Apparently, anything better then zero - with the notable exception of the federal funds rate - is cause for Wall Street to break out the champagne and celebrate.
Prior to Friday's opening bell, the BLS produced the first estimate of 4th quarter GDP, showing that the world's largest economy grew by an unimpressive 0.7%.
Back when the United State of America actually had a functioning economy, news such as today's would have caused a rout in stocks. However, in today's fabricated, upside-down mess dominated by zombie banks, a stalled-out global backdrop and an utterly clueless yet self-satisfied Federal Reserve, Wall Street's computer-driven madness produces a 2 1/2% rally, ending January still in the red, just not by as much as, say, yesterday.
There are no words left to describe such idiocy, so let's just say, "have a nice weekend."
Editor's Note: Maybe going back to publishing this blog on a daily basis again wasn't such a good idea after all. The markets are even more manipulated and indecipherable than ever.
S&P 500: 1,940.24, +46.88 (2.48%)
Dow: 16,466.30, +396.66 (2.47%)
NASDAQ: 4,613.95, +107.28 (2.38%)
Crude Oil 33.59 +1.11% Gold 1,117.70 +0.19% EUR/USD 1.0834 -0.98% 10-Yr Bond 1.9310 -2.72% Corn 371.00 +1.50% Copper 2.06 +0.51% Silver 14.26 +0.20% Natural Gas 2.31 +5.87% Russell 2000 1,035.38 +3.20% VIX 20.20 -9.90% BATS 1000 20,684.36 +2.35% GBP/USD 1.4251 -0.76% USD/JPY 121.0870 +1.91%