The stock market rise Friday afternoon “tells me the market is convinced we’re going to get something else" from the Federal Reserve , said Wren. He said the rally “definitely surprised” him after a string of disappointing data this week, that started with the fall in new home sales on Tueday and continued Friday with a downward revision to the GDP.
While Fed Chairman Ben Bernanke did not announce further quantitative easing during his speech at the annual Jackson Hole, Wyo. conference today, he did say the Fed stands ready to use "a range of tools" to help the U.S. economy. He also said the Federal Open Market Committee's September meeting "has been scheduled for two days instead of one to allow a fuller discussion."
Wren said that “the market is counting on something at the September FOMC meeting.”
In the same interview, Bill Stone, senior vice president and chief equity strategist at PNC Wealth Management, said Bernanke's comments "at least sends the signal that the door’s wide open."
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