Stocks opened lower and closed higher after buyers showed up after a few Fed heads came out on Monday and hinted at a slightly dovish stance. The big news came from Fed’s Brainard after she said it would be prudent to wait for a while before raising rates. She made the case that the “data” does not support another rate hike just yet. Separately, two other Fed heads also came out and back-peddled helping stocks rally after Friday’s steep sell-off.
Gary’s Thoughts: 2 fedheads refute 2 fedheads from Friday. There’s no stinkin rate hike! Market gets back about 60% of Friday’s drop…but….