Today's markets started out weak as overseas markets were weak ahead of our open. There was no economic news to digest and the U.S. Health Care Reform bill passage by the House of Representatives took some blame, but the health care stocks themselves showed that this was not generally the case. Maybe that is arguable, maybe it is just politics. As it turns out, the losses rapidly turned into gains and stocks were suddenly up most of the day. There were also very few earnings to digest. Here were today's unofficial closing bell levels:
Dow 10,797.00 +55.02 (0.51%)
S&P 500 1,165.81 +5.91 (0.51%)
Nasdaq 2,395.40 +20.99 (0.88%)
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There was actually very little economic news. The news that Ben Bernanke is not a shoe-in for reconfirmation as head of the Federal Reserve caused some pause, while the bank-bashing from yesterday carried over in many names.
Today was a light economic data and impact day for traders, yet many stocks and sectors were on the move. The strong dollar took a bite out of gold and took a bite out of oil. The notion that the government trimmed its loss expectations from what it expected in the bank and financial firm bailouts was hardly noticed in the financial sector today. We also had Ben Bernanke caution that it was too early to declare a victory in the recovery being a lasting one.... In short, rates won't be raised any time soon yet. Frankly, with how the markets whipped around, a closing bell being up or down was not something known directionally until the final minutes of the morning. 

