Markets closed up on Wall Street: DJI +0.07% SP500 -0.26% Nasdaq -0.28% Gold +0.64%
The markets were mixed because:
- The Federal Reserve left rates unchanged, but said they are prepared to provide additional accommodation if needed to support the economic recovery. The announcement was lackluster except for the absurd part where Bernanke said he wasn’t worried about inflation (he wasn’t worried when oil was $150 a barrel). Here’s the full Fed statement (it’s short, we promise) >
- 27 states reported higher unemployment rates in August. That’s almost double the 14 that had increases in July. But don’t worry, the recession is officially over … or is it? >
- Gold (GLD) skyrocketed into the close after Bernanke said free money continues. It’s gotta hurt like hell to be short Gold. Make sure you know our Technical Targets for Gold, Silver, and Gold Stocks >
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