Release Of Fed Minutes Sparks Fresh Market Highs

The broad-based market rally seems to have been sparked by little more than the committee simply agreeing with itself in a restrained and rather unremarkable fashion.

"Members judged that a lowering of the target funds rate was appropriate to help offset the effects of tighter financial conditions on the economic outlook. Without such policy action, members saw a risk that tightening credit conditions and an intensifying housing correction would lead to significant broader weakness in output and employment. Similarly, the impaired functioning of financial markets might persist for some time or possibly worsen, with negative implications for economic activity. In order to help forestall some of the adverse effects on the economy that might otherwise arise, all members agreed that a rate cut of 50 basis points at this meeting was the most prudent course of action."

That explains the unanimous vote then. The one they announced three weeks ago. Apparently just being reminded of the big ease is enough to brighten the market's outlook a bit. - Source: Suitably Flip Blog

And why not? Unprecedented stock prices, unprecedented job creation longevity, and a Bernanke Fed that turned out to have a fuzzy underbelly after all... what's not to love?