(As of 7:20 am PST - Wednesday, 2/6/2013)
The back and forth week
continues for stocks as markets turned lower today after gaining nearly 1%
yesterday. The biggest story of the day
is from Japan as the Nikkei index soared 3.8% to hit a 4 year high. Japanese Governor Masaaki Shirakawa announced
his plans to step down from his office in early March, several weeks before his
term officially ended. The buying came
as investors interpreted the news to mean a more accelerated easing program
from the Japanese Central Bank will likely occur earlier than expected. Opinions show that the new administration is
much more in favor of aggressive monetary policy. Throughout the rest of Asia stocks were
mostly higher, while European markets were in the red. Gold is slightly higher and oil is down 1%
ahead of an inventories report. Interest
rates are slightly lower with the 10 year treasury hovering just below 2%. Today’s selling is hard to pin, but investors
seem a bit reluctant to take this market higher as the S&P500 saw the best
January start in almost 15 years.
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