The Price of Clarity — A Silent Fed, a Loud Long End, and a Capex Bill That Found Its Answer

Stock Indices
The week’s price action was far more violent than anything in the underlying numbers. The Dow lost 1,153 points on Wednesday, a 2.19% session, while the S&P fell 1.5% and the Philadelphia Semiconductor Index dropped 5.3% in that single day.
Korea
Korea was wilder still — the KOSPI fell 10% across back-to-back sessions early in the week and then posted a record 17.9% gain in one. By Friday, two enormous single-stock moves had repaired a good deal of the damage.
FED/Corporate
What ties the week together is simple enough: twice, the market was asked to price something it could not see. The Fed declined to say where policy is headed, and the largest companies in the index are committing historic sums of capital without a settled answer on what comes back. Where that gap got filled in, money showed up. Where it didn’t, money left. READ the REST and view CHARTS
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