(As of 7:22 am pacific)
Stocks are trending higher
this morning fueled by positive trade data out of the US and China. Early this morning China released data that
showed a trade surplus of $29.2 billion as exports rose 25% and imports climbed
28.8% from the year-ago period. All
three figures beat analyst estimates and sent stocks in most Asian markets and
throughout Europe higher. Shortly after,
the US Commerce Dept. reported the US trade deficit fell 21% in December
hitting the lowest level since January 2010.
US exports grew by 2.1% in December while imports declined 2.7%. The lower deficit can be attributed to a
significant change in petroleum flow as the US exported record numbers of
petroleum products due to the recent oil boom.
A shrinking trade deficit is good for economic growth. In other news, we’re keeping an eye on the
Northeastern snow storm, Blizzard Nemo.
So far, over 2,700 flights have been cancelled. Commodity prices are slightly higher and
interest rates are lower. After a back
and forth week, it seems the market is poised to hang on to today’s gains.
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