Major averages rose yesterday on mixed volume with the NASDAQ Composite joining the other indices, except for the NASDAQ-100, in closing at new highs. Once again, the small cap Russell 2000 and financials led the market. Midcaps also continue to show strength.
Yesterday's move by the European Central Bank to reduce levels of QE was followed by reports that some policymakers argued for the program to be extended by a full year. Bundesbank President Jens Weidmann did not agree with the extension altogether. This suggests an ECB that may try to keep QE going even at the reduced levels. Of course, this depends on the data. On the news, the euro is off 0.5% against the dollar to 1.0566.
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