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Apparently sparking the turn higher in stocks the last few minutes is the recycling of news that...

Apparently sparking the turn higher in stocks the last few minutes is the recycling of news that EU finmins are looking into recapitalizing the banks. There aren't any details, just a realization from the leaders that not enough has been done to convince markets the banking system can absorb the hits from the debt crisis. (see also)
Comments (3)
  • davidingeorgia
    , contributor
    Comments (2713) | Send Message
     
    In other words, it has nothing to do with reality.
    4 Oct 2011, 03:52 PM Reply Like
  • bkpark
    , contributor
    Comments (325) | Send Message
     
    Ugh. It just ... enrages me how these news media (some time before, NYT, now FT) "break" market-shifting news the *hour* before U.S. markets close.

     

    It's as if they know they are just a rumour mill; they know their story won't stand if scrutinized, so they want to release the news within the trading hours---but not with too much time left over so that people can digest over it before they have to act on the report.

     

    What justifiable reason do they have for not releasing it until after the markets close---or comfortably before (say, a few hours) the markets close?
    4 Oct 2011, 04:14 PM Reply Like
  • laidbackluke
    , contributor
    Comments (48) | Send Message
     
    It's their way of window dressing without the legal implications. Imagine if huge corporations released earnings reports half an hour before the close. Very shady practices, but I imagine once people (and hft algos) realize that it's just another rumour coming out of Europe, there will be a sell-off tomorrow.
    4 Oct 2011, 04:20 PM Reply Like
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