[US STOCK CLOSE] Dow, other key indices rose 2% as investors looked past grim Q1 GDP drop (-6.1), betting record inventory decline will clean deck for some needed restocking with consumer spending up better than f/cast. Some last hour selling pushed the indices off their best lvls. The FOMC meeting left rate policy unchanged but noted pace of recession slowing and outlook a bit better. Financials and tech did best among the major sectors, followed by energy with oil near $51. Latter like tech rose with recession-bottom hopes. Lagging sectors were more defensive and rate sensitive as telecom and utilities as 10-yr Tsy yield rose further above 3% amid with supply concerns and easing risk aversion as stocks gained.
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