Today (July 8), in 1932, the Dow Jones Industrial Average hit its rock bottom during the Great Depression.
There’s no repeat of that happening this time. The stock market is in the green, with the S&P up for the third-straight day.
“The market is getting comfortable that the economy is strong enough to withstand reduced Fed support. The market is inching toward normalcy. We’re not in an abnormal environment where the Fed and Fed actions are dictating market movements,” said Gary Flam from Bel Air Investment Advisors LLC.
Those are some rosy predictions. And we’ll see how it plays out on Wednesday, when the Federal Reserve publishes its minutes and Ben Bernanke takes the mic. ‘Stoic Ben’ might repeat his comments from last month, or offer no additional news, in fear of rattling the market similar to what happened on June 19.