Wednesday, November 6, 2013

Economic Journal - Wednesday, 11/6/2013

(As of 7:30 am PST)
 
Equity markets are advancing this morning with the Dow Jones and S&P500 reaching all time record highs in early trading.  Stocks have retreated from their highs of the day but are maintaining some solid gains.  There’s not a lot of news to report, so it’s difficult to interpret today’s open.  Reports swirling out of Europe are suggesting that the European Central Bank is expected to announce further easing measures on Thursday.  Also, good reports on UK factories caused European stocks to advance.  Economic data is light in the US.  A composite report of leading economic indicators came in higher in September, marking the second consecutive month of gains.  Earnings reports continue to come in mixed as well.  Investors are taking a cautious stance heading into Friday’s nonfarm payrolls jobs report.  With markets trading at record highs it’s difficult for buyers to take on new positions at this point.  

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