The Day After

Markets pulled back today, as expected. Yesterday's big rally boosted investors spirits, but we knew there would be a breather today. Bernanke testified before Congress today and talked about recessionary pressure. He also seemed to back off earlier hints of continued interest rate declines. In addition, factory orders declined, indicating further contractions. Maybe the good news is that markets didn't pull back more. The declines were not drastic. NASDAQ only dropped 1.35 points. DJIA -45.44 NASDAQ -1.35 S&P 500 -2.65