Consumer confidence numbers came in higher than expected and boosted markets after a somewhat negative opening. Economic data seemed out of sync this morning and appears to have analysts confused on the direction of the US economy. Industrial production was down for January and revised down for prior months, seeming to contradict Federal Reserve data that indicated expansion. With consumer confidence being a somewhat lagging indicator, expect the boost to the stock market to be temporary from this reading. With the underlying weakness of the economy shown by the weak industrial production numbers, expect markets to revert to the negative. Profit taking might also come into play, accelerating the pullback. Gold is up big this morning, over 1%, while oil has fallen from its $100 per barrel level. Interest rates are steady. Monday is President's Day and US stock markets will be closed.
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