Monday, February 25, 2013

Economic Journal - Monday, 2/25/2013

(As of 7:19 am PST)
 
Stocks are on the mend this morning after turbulent trading last week.  It is a light day on the US data front as investors are turning to positive global reports today.  Despite a slowdown in Chinese manufacturing in February, investors were optimistic after a report showed that pro-stimulus leader Haruhiko Kuroda would likely become the next governor of the Bank of Japan.   The Japanese Nikkei hit a 4 year high after the news.  Optimism carried into European markets spurred also by a positive general election in Italy.  Wall Street has joined the global rally today with stocks higher on all three major indices.  The risk on scenario has lifted gold and oil and most other commodities as well.  Today’s market gains may be short-lived however as Ben Bernanke returns to the podium tomorrow in a two day congressional testimony of the Fed’s monetary policy and Friday’s sequester deadline rapidly approaches.

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