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Paring Losses, Large Buy Program

US STOCKS
Similar to Monday's late rebound on a smaller scale, equities paring losses after report of large 1,500+ name buy program went through, S&P eminis currently trading 4358.0 vs. 4279.75 session low.
  • One desks revives a NY Fed staff report from Sep 2011 (revised Aug 2013) titled "Pre-FOMC Announcement Drift":
    • "We document that since 1994, the S&P500 index has on average increased 49 basis points in the 24 hours before scheduled FOMC announcements. These returns do not revert in subsequent trading days and are orders of magnitude larger than those outside the 24-hour pre-FOMC window."
  • Current sector gains has energy stocks outperforming (+3.3%), financials a distant second (+.47%).
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