Word: kleintop
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...tenure. That's just what traders wanted to hear. Stock prices were floating higher already in the wake of some good corporate earnings reports and falling energy prices. But the appointment of Bernanke, 51, fueled more buying in the afternoon (the Dow closed up 169.78 points) and, says Jeff Kleintop, chief investment strategist at investment firm PNC Advisors, "could set up a good fourth-quarter rally...
...Bernanke may be made in Greenspan's image, but he'll do some things differently. He's known to be plainspoken. "We probably won't have to parse everything he says," says Kleintop. That would be a welcome change from Greenspan's often indecipherable econospeak, which came to be known as "Greenspam." Bernanke, a family man who has served on his school's board, is also known to be slightly more tolerant of inflation in pursuit of policies that promote growth. He has argued for adopting an inflation target rate, and making it public, to help demystify...
...answer lies as much in psychology as in economics. "There's not a lot of logic to the move that oil has had," says Jeff Kleintop, chief investment strategist at PNC Advisors, noting that a tepid U.S. jobs report last Friday raises the specter of a decelerating economy, which would cut demand for oil. Indeed, share prices of U.S. refiners like Sunoco and ConocoPhillips tumbled even further than the overall market did last week...