Wednesday, January 25 Market Recap

WEDNESDAY (DJIA +83) U.S. pending home sales fell 3.5% from last month, but that follows large upticks in the previous two months, so this may be payback. The impasse in Greek debt restructuring is weighing on markets a bit. Stock markets, down 96 early, turned around when the Fed said it would keep interest rates low until at least late 2014, and continued to rally after Bernanke’s press conference. Some called this move QE2.5. Apple’s blowout earnings report helped, German confidence improved, Italian retail sales were weaker than expected, and the UK GDP fell .2% in Q4.