The markets did their best cliff dive imitation during the last hour of trading and surrendered all gains of what appeared to be a nice rebound. Causing the sudden change in sentiment were comments from Fed chairman Bernanke, during which he saw the recovery as uneven and also warned against a “sudden fiscal contraction” if spending would not be brought …
ETFs Pop On Merger News—SPY Gains 1.55%
Who cared about global hotspots and disasters? Yesterday, it was all about merger mania and excitement over AT&T’s intention to buy T-Mobile U.S.A. for $39 billion. The markets jumped right out of the gate, as the chart above (courtesy of marketwatch.com) shows. The ETF equivalent of the S&P 500, SPY, added +1.55%, slightly more than its underlying index, while small …