Stocks have rebounded after Ben Bernanke expresses confidence that what the Fed is doing (as far as monetary policy goes) will work to allow us to avoid a double dip recession.
Dow -70
Nas +33
S&P +2 to 1101
To me, it looks like a short covering rally. No telling how high traders can bring some of these stocks or whether the rally can hold. The key level is 1200 on the S&P.
Earlier Morgan Stanley was selling off, down to 11.58. It has rebounded back to now up 0.05 to 12.52
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