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Updated from 4:11 p.m. EDT
While Federal Reserve Chairman Alan Greenspan said that Isaac Newton's basic law of physics also applies to asset prices, the stock market chose to defy gravity in the last hour of trading Tuesday.
"History cautions that extended periods of low concern about credit risk have invariably been followed by reversal, with an attendant fall in the prices of risky assets," Greenspan said; his comments seemed to spur a 45-point jump in the Dow Jones Industrial Average.
It wasn't so much what the Fed chairman said as what he didn't say, which was anything new, that proved a relief for the market. ...
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,309.92 | 1,091.49 | 2,138.44 | 32.31 |
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