(as of 8:00 AM PST)
Stocks simply ran out of steam this morning after an incredible rally that make the huge early October losses nothing more than a footnote. Markets are down a small amount. Earning continue to come in generally positive with quarterly profit now projected to show an 8% increase from a year ago. The US dollar is giving back some gains. The Federal Reserve is terminating QE3, the aggressive bond buying program which provided financial stimulus to markets for the last several years. The muted effect on markets of stopping QE3 has investors feeling optimistic that our economy can continue to recover despite the withdrawal of stimulus. Gold is down slightly while oil is recovering from its plunge under $80.
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