Fool’s gold? The reasons for gold’s latest record price aren’t clear, says Mark Hulbert. Plus, the editor of the Hulbert Financial Digest wonders why Wall Street cares so much about the Fed.

Standard & Poor’s move to cut its outlook on Japan’s sovereign rating isn’t good news — but it isn’t exactly a bear-raid clarion call, either.

Moody’s Corp.’s MCO first-quarter profit grew 37% on higher worldwide revenue and expanding operating margins, helping results easily top analysts’ expectations. The ratings and analytics company has posted improved results of late, helped by a surge of bond issuances–which has boosted the market to rate such debt.