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“It’s certainly part of the mosaic that’s helping the rally today,” said Art Hogan of Lazard Capital Partners. Stocks also gained as traders covered short positions.
Traders also pointed to a story from Reuters that said a deal is in the works that would enable Spain to recapitalize its banks with aid from euro zone countries, but without strict new reforms imposed by the euro zone. The story quoted unnamed German officials.
“The fate of the market in the next couple of days is in Ben Bernanke’s hands, and its over his interpretation of the state of the economy,” said Greenhaus.
Bernanke testifies before the Joint Economic Committee Thursday on the economy. Traders believe if he is more negative than positive in his remarks, another round of Fed easing could be in the offing, as early as the June 19/20 meeting.
The stock market continued to gain after the Fed released its beige book at 2 p.m. which said the US economy expanded at a “moderate rate” in March and April, better than its previous modest to moderate rate. The Fed, however, also noted that its contacts were less optimistic.
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