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By David A. Clarke Jr.
Blame Washington's intelligence failure, not lack of police
Topic - Wells Fargo Private Bank
Citing underlying strength in the recovering U.S. economy, the Federal Reserve surprised world financial markets Wednesday by cutting back its bond purchase program by $10 billion a month in 2014.
The stock market got a boost from Macy's on Wednesday, pushing the Standard & Poor's 500 index back into record territory.
Better news on jobs and consumer spending pushed stocks higher Thursday.
The U.S. stock market struggled for direction Monday. All three major indexes waffled between gains and losses before closing slightly higher. Investors were underwhelmed by earnings reports from toymaker Hasbro, clothing maker VF Corp., regional bank SunTrust and other companies.
The market closed roughly flat Thursday, underwhelmed by encouraging jobs news but unrattled by worrisome developments in the global economy.
Investors spent Tuesday preparing for two events sure to move markets this week: a Federal Reserve meeting and a court decision on whether Germany can help support its struggling neighbors. And if the stock market's gains Tuesday are any sign, they expect both events to turn out well.