The pullback in stocks came after an enviable run-up. The stock market had gone more than 45 months without a drop of more than 2 percent in a single session — until Tuesday, when concerns the economy would slow and dent corporate profits came to a boil.
Fed Chief Ben Bernanke told Congress during the week that a single event didn't trigger Tuesday's slide, which was the biggest point drop in the Dow since trading resumed following the Sept. 11 attacks. While the drop brought many tense moments for investors, many observers said stocks were overvalued and were due to consolidate.
On Friday, St. Louis Federal Reserve President William Poole told reporters in Santiago, Chile, the week's pullback didn't appear to be "a huge issue," according to wire service reports.
Which basically means they are saying "what goes up will come down" and trying to attribute this to just a temporary sitaution in the market that will self adjust. If on Monday things are back to more of an even trend, this will end up being accurate.
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