Fed Will Pump 1 Trillion Into The Economy: Bye Bye Dollar

What’s Happening In The Market Now..

• Stocks moved higher at the open this morning after a report showed new unemployment claims dropped last week, then slid back in morning trading.
  
• The Federal Reserve, yesterday, said it would pump more than $1 trillion into the economy. The plans include the purchase of long-term Treasury bonds.
  
• The Labor Department said the number of initial requests for unemployment insurance dropped to a seasonally adjusted 646,000 from the previous week's revised figure of 658,000, better than economists' expectations.
  
• The House voted today on a bill that would levy a 90 percent tax on bonuses paid to employees with family incomes above $250,000 at companies that have received at least $5 billion in government bailout money.
  
• The dollar continued its weakening trend, as the euro spiked to a 10-week high and the U.S. currency sank to a three-week low against the yen.
  
• The dollar skid pushed the price of oil up sharply with oil heading over $50 a barrel, reaching the highest levels since December.
• Gold hit $950+
  
• Sectors starting the day out strong include insurers, automakers, diversified metals & mining and aluminum while footwear, diversified banks, health care equipment and tobacco are down.
  

<script type="text/javascript"><!----></script>
<script type="text/javascript" src="http://pagead2.googlesyndication.com/pagead/show_ads.js"&gt;
</script>