Obama Does What Traders Expected: Avoids Specifics
President-elect Obama, in his prepared remarks, has done what most traders expected: he has stuck to broad generalities.
He did talk about an extension of unemployment benefits, and that a fiscal stimulus plan that will jumpstart economic growth "is long overdue."
Barack Obama: Stimulus Package
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But he did not go farther. He said we will need a stimulus package "either before or after the inauguration" and that he wanted it "sooner rather than later," but there were no specifics on what he wanted to see in it.
On the auto industry, the president-elect said that in addition to accelerating the retooling assistance Congress has already enacted, his team would work on "additional policy options." Again, support without specifics.
As for cabinet appointments: "when we have an announcement, we will make it." The S&P rallied, then dipped a bit as some were expecting a bit more on the specifics front.
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