NEW YORK ( TheStreet) -- The markets rose on stronger-than-expected economic data and were ignoring thoughts of this afternoon's FOMC announcement, Alan Valdes of DME Securities told TheStreet's Debra Borchardt.
With solid earnings from MasterCard (MA) and with ADP and GDP reports coming in better than expected, markets had a reason to start strong Wednesday. However, that could change after the Federal Reserve's FOMC announcement at 2:00 p.m. EDT, although Valdes doubts that will happen.
He said the Fed won't want to ruin any of the rally that has taken place in the last month, especially going into August, a time of year where equities are generally sluggish. He expects tapering of the Fed's bond buying to begin in the fall and traders are prepared, so he doesn't expect the selling to be all that bad.
-- Written by Bret Kenwell in Petoskey, Mich.Follow @BretKenwell
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV