Fed could trump big earnings news this week

Discussion in 'Wall St. News' started by nitro, Oct 10, 2010.

  1. nitro


    " NEW YORK — Not even earnings from big names like Google and GE this week will be able to pull Wall Street's focus away from the possibility of more cheap cash flowing in from the Federal Reserve.

    Normally when the likes of JPMorgan or Intel — also reporting next week — tell investors how much they earned in the previous quarter, the stock market hangs on every word.

    But after Friday's surprisingly anemic payrolls report, the increased likelihood the Fed will buy more assets like Treasury bonds to stimulate the economy has investors ignoring the usual benchmarks.

    "Markets have been oscillating between macro and micro data, and the upcoming week will focus on macro," said Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin.

    The fact that Wall Street closed Friday in the black despite the weak payrolls data is evidence the Fed's action is top of mind for investors at this time...."