Reply #18: 9:47 EST Happy Happy Joy Joy from La La Land

[UpInArms]

Dow 10,810.03 +31.45 (+0.29%)
Nasdaq 2,265.85 +9.12 (+0.40%)
S&P 500 1,263.57 +4.20 (+0.33%)
10-Yr Bond 4.521 -0.16 (-0.35%)

NYSE Volume 147,722,000
Nasdaq Volume 170,052,000

9:40AM: As futures trade had foreshadowed, the stock market opened sharply higher. Expectations that the Fed's policy statement, scheduled for tomorrow, will suggest that the end of the current tightening cycle is near has infused a bullish air today. While we believe that a wording change is likely, whether or not the Fed will stop raising rates will depend on inflation data. An early round of positive corporate data has helped to further stir buying efforts. ConocoPhillips (COP) is near a $30 billion deal to acquire Burlington Resources (BR); Wal-Mart (WMT) reaffirmed December same-store sales guidance of +2-4%, reflecting solid holiday spending; Ford has reached a healthcare deal with the UAW; and Google (GOOG), along with 11 other issues, has been added to the Nasdaq 100.

9:30AM: Correction: In our 8:01 comment, we mistakenly reported Viacom will be acquiring Dreamworks Animation. The company will be acquiring Dreamworks SKG. We have edited the prior comment to account for the correct news.