(As of 7:25 am PST)
Solid US economic data
reversed an early negative open for markets.
European turmoil was evident at the beginning of trading, but was
quickly overcome by a good factory orders report showing growth of 2%. Auto sales also came in strong. The US currency was broadly higher against
most other currencies because global investors are sensing that the US economic
recovery is far ahead of other regional economies. Gold is down slightly after strong gains yesterday
and oil continues to surge upward. The
upward trend in oil is sure to spill over to higher gas prices as the summer
rolls on. Interest rates can’t seem to
shake the effects of Federal Reserve discussions on when Quantitative Easing
will start to taper, although mortgage rates have dropped slightly in the last
week. Expect a quiet day of trading with
many key players on the sidelines in this holiday shortened week.
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