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
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