Stocks rallied … Wednesday … after the Federal Reserve and 5 other central banks together moved to ease the flow of funds to banks hit by the EU’s debt crisis and as China cut the level of cash that banks have to set aside as reserves. The big deal is central banks … working … together … up until this point that hasn’t happened.
As has been the … case of late … US domestic economic data took a back seat to events overseas.
Also, the economy continues to improve … but, isn’t growing at a robust pace, according to the Federal Reserve’s latest survey of economic conditions released today. Economic activity “increased” … but only to a “slow to moderate” rate of growth in most of the Fed’s 12 regions, the Beige Book said. The Beige Book report was based on information collected before 11/18. Compiled by the Minneapolis Fed, the report is designed to give Fed officials a feel for conditions on the ground as they prepare for their next monetary policy meeting on 12/13.
I am NOT seeing these … same effects, rallies and working together in the RegMed universe … we should consider a “group think” idea … to strenthen our relative position and platforms.
Closing Bell: The NASDAQ closed UP +104.83 (+4.17%) to 2,620.34. The Dow closed UP +490.05 (+4.24%) to 12,045.68. Back over 12,000.
Who’s up … at the close and any … whys: Athersys (NASDAQ:ATHX) +$0.03 <+2.36%> to $1.30; BioMimetic (NASDAQ:BMTI) +$0.20 <+6.80%> to $3.14; BioTime (AMEX: Btx) +$0.33 <+7.97%> to $4.47; Cytori (NASDAQ:CYTX) +$0.18 <+6.92%> to $2.78; Dendreon (NASDAQ:DNDN) +$0.58 <+7.20%> to $8.64; ImmunoCellular (OTC BB: IMUC) +$0.03 <+2.14%> to $1.43 (surprised they are UP with $13.8M unit offering being announced by Cowen, today); Osiris (NASDAQ:OSIR) +$0.40 <+9.30%> to $4.70; Pluristem (NASDAQ:PSTI) +$0.07 <+2.90%> to $2.48 and StemCells (STEM) +$0.03 <+1.75%> to 1.74.