Excerpt from today's Wall Street Journal annotated summary:
- Summary: The small cap indexes saw their biggest one day percentage gains since October 2002, with the Russell 2000 up 3.8% and the S&P SmallCap 600 up 3.4%. RSA Security (RSAS) rose 18% on a buyout offer from EMC (NYSE:EMC). Stocks moving due to earnings results or guidance: American Greetings (NYSE:AM-OLD) down 12%, Neoware (NWRE) down 42%, Systemax (NYSE:SYX) up 36%, Hartmarx (HMX) down 11%, Merix (MERX) up 12%, Silicon Image (NASDAQ:SIMG) up 19%.
- Comment on related stocks/ETFs: Small cap stocks just seem to have much higher beta than large caps. Sure, the Fed announcement helped, but the dollar decline should have meant that small caps would rise less than large caps.