Ben Bernanke hopes his latest plan to stimulate the economy will get you to buy stocks and other risky assets. Maybe you should. People who did that after two similar Federal Reserve efforts are sitting on big gains today.
But the odds of fat profits aren't looking as good this time, and seem to be getting worse.
Stocks rose sharply before the Fed chairman announced his plans Sept. 13 instead of falling, as they did before the two previous efforts, suggesting less room for gains now.
Meanwhile, the world economy is slowing and Wall Street analysts are cutting estimates for future corporate profits. They expect them to fall this quarter from a year earlier, the first drop since just after the Great Recession ended 3½ years ago.
"The market seems like it's climbing on central bank intervention rather than fundamentals," says Gary Flam, chief stock manager at Bel Air Investment Advisors. "I'm not a buyer right now."
The outlook for other risky assets like high-yield bonds is darkening, too.
Saturday, May 25 2013 11:54 AM EDT2013-05-25 15:54:24 GMT
We are following breaking news, Toledo Police say the man found shot inside of a car on North Reynolds near Dorr Street has died. Police say Kenneth Collins, 20, was found unconscious inside of a car
We are following breaking news, Toledo Police say a man found shot inside of a car on North Reynolds near Dorr Street has died. Police say Kenneth Collins, 20, was found unconscious inside of a car on North Reynolds early Saturday morning.Investigators say a passerby flagged down a trooper who found Collins inside of the car. Collins later died at the hospital.
Friday, May 24 2013 11:03 PM EDT2013-05-25 03:03:53 GMT
A man was filling up his tank when he noticed the pump kept running, even after he finished filling up. 13abc went looking for answers to see what drivers can do if they've been overcharged.
A man was filling up his tank when he noticed the pump kept running, even after he finished filling up. 13abc went looking for answers to see what drivers can do if they've been overcharged.
Saturday, May 25 2013 12:48 PM EDT2013-05-25 16:48:21 GMT
Thousands of guests had a chance to ride attractions all night long at Disney parks. Three Disney world parks stayed open for 24 hours yesterday -- to kick off the memorial day weekend. Guests pulled
Thousands of guests had a chance to ride attractions all night long at Disney parks. Three Disney world parks stayed open for 24 hours yesterday to kick off the memorial day weekend. Guests pulled all nighties at the Magic Kingdom in Orlando, Florida, Disneyland and the Disney Adventure Park in Anaheim California.
Saturday, May 25 2013 12:39 PM EDT2013-05-25 16:39:57 GMT
One woman is without a home this morning after the duplex that she was living in caught fire. It happened just before 1 a.m. at a duplex on Vance street. Firefighters say when they arrived the upper
One woman is in the hospital after an early morning fire. The fire started at a duplex on Vance street. Investigators say the home might need to be demolished. When crews arrived on the scene flames were shooting from the roof. The cause is still under investigation.
Saturday, May 25 2013 10:00 AM EDT2013-05-25 14:00:44 GMT
A late season frost was observed around the area on Saturday. Temperatures dropped down to 36 degrees which was cold enough for some patchy frost to develop in areas. The late season frost comes with a
Near record lows were recorded on Saturday one year after record highs were observed with highs in the low 90s.
Saturday, May 25 2013 9:54 AM EDT2013-05-25 13:54:50 GMT
A Bloomville man could spend 84 years behind bars. He's charged with allegedly having sex with a minor. The Advertiser-Tribune reports that Torrance K. Norman II, 36, appeared in Seneca County Common
A Bloomville man could spend 84 years behind bars. He's charged with allegedly having sex with a minor. The Advertiser-Tribune reports that Torrance K. Norman II, 36, appeared in Seneca County Common Pleas Court on Friday.
Saturday, May 25 2013 9:49 AM EDT2013-05-25 13:49:22 GMT
The National Weather Service released an area map showing this past winter's snowfall. Most of the viewing area ended up between 5 to 20" below normal. Snow amounts were near normal for the southern part
The 2012-13 winter season ended warm, wet, with few big storms.
Friday, May 24 2013 9:51 PM EDT2013-05-25 01:51:06 GMT
Frost Advisories are in effect, early on Saturday morning, for all of the 13abc viewing area, except for Paulding, Putnam, Allen and Hardin Counties, where temperatures will likely stay slightly milder.
Frost Advisories are in effect, early on Saturday morning, for all of the 13abc viewing area, except for Paulding, Putnam, Allen and Hardin Counties, where temperatures will likely stay slightly milder.
Friday, May 24 2013 8:56 PM EDT2013-05-25 00:56:34 GMT
A man who was held at gunpoint after trying to break into a home has been indicted. A grand jury indicted Kyle Caldwell on one count of attempt to commit burglary. Police say he tried to break into a
A man who was held at gunpoint after trying to break into a home has been indicted. A grand jury indicted Kyle Caldwell on one count of attempt to commit burglary.
Friday, May 24 2013 6:16 PM EDT2013-05-24 22:16:18 GMT
Bowling Green Police have issued a warrant for a Toledo man wanted for robbery. Jesse Bays, 26, was identified after police released surveillance images and got a tip that helped ID him. Officials say
Bowling Green Police have issued a warrant for a Toledo man wanted for robbery. Jesse Bays, 26, was identified after police released surveillance images and got a tip that helped ID him.
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