After the U.S. stock market was battered yesterday, futures are rising on hopes that the central banks will do even more to help them. Yesterday, Federal Reserve Chairman Ben Bernanke suggested, as Bloomberg News reports, "he may use less conventional policies to revive the economy"--and futures for bank stocks are up about 2%. However, an independent strategist tells CNBC, "No doubt we can continue to have a short-term rally, but… if we look at the global economy, contraction is on the way, corporate earnings are coming down sharply." And an economist at RBS Greenwich Capital who spoke to Bloomberg News was also wary: "We’re looking at some pretty severe numbers for the fourth quarter, and the first quarter of 2009 will be pretty bad as well. The economy isn’t going to turn around definitively until the credit markets unclog.”
Stock Futures Rise on Fed News, But Worries Remain
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"It puts more of a burden on New York — puts more of a burden on 49 other states."
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