Financial Reporting Follies?

Sometimes it’s hard to know why the stock market rose or fell in a given day. Yesterday, it wasn’t. The main reasons for Thursday’s rally were a drop in oil prices (prices had fallen $15 in three days) and a good earnings report from JPMorgan Chase (jpm). However, Kevin Drum, the well-respected blogger at Washington Monthly, criticizes a New York Times story on the market action, suggesting its “explanation has been created out of whole cloth.”

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