"It's a little bit more upbeat than I might have thought—a little less subdued," said David Ader, chief Treasury strategist at CRT Capital. "This is marginal stuff. It was before the nonfarm payrolls and other things. So in context, it sort of comes across as old news."
But it did have a slight impact on the bond market.
"We have stalled in Treasurys. We're a little bit better, on the margin," Ader said.
Earlier Wednesday, the European Central Bank kept rates unchanged , initially disappointing markets. The Bank of England meets tomorrow, and there’s speculation it will carry out another round of easing.
“Today when you learned that China was looking at doing some stimulus and you turned to Europe and the authorities said, ‘we’re not ready to do anything quite yet but we’re here if needed,’ we went from an oversold market, reaching a logical bottom to hopes that the authorities are on guard. So you get a snap back rally of 200 points,” said Art Cashin, director of floor operations at UBS.
Cashin said the rally follows a head and shoulders formation in the S&P 500. “I think it’s probably a reasonably short term bounce, with a life span of one week to, at the outside, three weeks. Then we’ll see again,” said Cashin, who appeared on "Squawk on the Street."Page 3 of 5 | Prev Page | Next Page