Good earnings from YUM Brands (NYSE:YUM) and J.P. Morgan (NYSE:JPM) couldn’t trump worries about the DC debt drama and Bernanke’s tossing cold water on QE3. Bernanke’s post day one internal focus group laid an egg on advice for day two testimony. Remember, the Fed is keen to gauge market reaction to anything he might say.
Jobless Claims data were marginally better than expected but still over 400K for the 14th week in a row. Retail Sales were flat to lower and the PPI headline number was amazingly lower. Even more amazing was that the “core” PPI rate was higher. They’ll have to rework that for the masses.
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