Do you blame the market’s downturn today on Ben Bernanke’s comments? Does he really control the market in the short term or are his comments inconsequential? S&P 500 at 1,546.17, Dow at 13,918.22, Nasdaq at 2,699.49. [Yahoo Finance]
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{ 3 comments… read them below or add one }
I don’t believe the wider financial world listens to Bernanke yet. He’s still under the enormous shadow of Greenspan, and nothing he says will have anything close to the impact of his predecessor.
Sure: I will often blame daily market movements on myriad events such as words from the Fed Chief. HOWEVER, daily market movements are just noise in the system, so they don’t interest me in the least except for the evidence of herd behavior they reveal on Wall Street.
I’d like to think that he doesn’t have that kind of power, but it seemed like the markets were moving with what he had to say. It was really interesting to watch as he answered quite a bit of questions relating to Americans’ personal finances – things like how people have too credit card debt, no savings, etc.