The market is rallying on Thursday, Oct. 14.
TheStreet’s Martin Baccardax noted that this rally comes a day after a faster-than-expected reading for September inflation in the United States, which returned to a 13-year high, and minutes detailing the Fed’s aim of tapering the pace of its $120 billion in monthly bond purchases later this year, and investors now how a much-clearer picture of both the macroeconomic backdrop and the central bank’s likely reaction.
The minutes noted that FOMC members “generally assessed that, provided that the economic recovery remained broadly on track, a gradual tapering process that concluded around the middle of next year would likely be appropriate.”
The market also got earnings from companies including Dow components UnitedHealth Group (UNH) – Get UnitedHealth Group Incorporated Report and Walgreens Boots (WBA) – Get Walgreens Boots Alliance Inc Report, as well as Citigroup (C) – Get Citigroup Inc. Report, Morgan Stanley (MS) – Get Morgan Stanley (MS) Report and Wells Fargo (WFC) – Get Wells Fargo & Company Report.
Chris Versace and Bob Lang, co-portfolio managers at Action Alerts PLUS, weighed in on the markets.
Head to Thursday’s Daily Rundown to hear what Versace and Lang are only telling members of the Action Alerts PLUS investing club.
Read More: How Strong Earnings Are Driving Thursday’s Market Rally: Portfolio