And you counted the Maestro out. You called him over. You said he was through. Blamed the bubble on him. Cursed under your breath when he appeared on CNBC. You got your Greenspan tattoo lasered off. (Bet you didn't know they hurt worse coming off than going on, right? Bet you wished you picked a less sensitive spot.) But he's been there. Waiting. In the shadows. Biding his time. Lurking in the dark until the right moment. And, like predator from cover, WHAM! He's back! Like that he's moving markets again. Housing, she will recover. The thickness of the briefcase is being measured. Fedwatching is cool again.
U.S. stocks fluctuated as former Federal Reserve Chairman Alan Greenspan said housing may be on the verge of recover, helping the market recover from an early slide spurred by concern share sales will dilute earnings.
Financial shares in the Standard & Poor's 500 Index reversed most of a 4.7 percent decline after Greenspan told a conference that companies are able to raise more capital than they expected. Pfizer Inc. led gains in the Dow Jones Industrial Average after Credit Suisse Group AG said the company may boost its dividend after taking over Wyeth. Exxon Mobil Corp. led energy shares higher as oil climbed to a six-month high.