While the Federal Reserve has a tradition of willfull obscureness, its closely-watched statement yesterday makes plain there’s a puzzle as the guardians of interest rates look ahead. And Apple is in, AT&T is out. But what does it mean when you get dropped from the Dow? Not much, because what really counts is whether or not you’re in the S&P 500. Why? Because that’s what fund managers care about, and they’re the biggest buyers of stock. Plus, gas prices expected to drop again this week. Last year’s plunge left consumers with a choice: keep buying those smaller fuel-efficient cars that have sold like hotcakes in an age of four dollar a gallon gas, or invest in a bigger, less fuel efficient car?
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