End of quarter paint job, helped in part by the sweet deal that the 'regulators' at the Fed cut for the banks and their debit card fees.
The Fed had originally proposed capping the fees at around .12, but today decided to give the banks almost double that at .22, and delay implementation of the rule from July to October. Mastercard and Visa, along with the financial sector, rallied on the better than expected tax on the real economy to help support bank profits.
Let's see how equities go into the long holiday weekend. Today was more window dressing for the trading desks to calcualate their quarterly results.
