Tuesday, March 25, 2014

Economic Journal - Tuesday, 3/25/2014

(As of 7:20 am PST)
 
Markets are rebounding from yesterday’s losses as investors waded through economic data that included reports on housing and consumer confidence.  Reassurance from Philadelphia Fed President Charles Plosser gave markets a boost early, as Plosser commented on Yellen’s time table to hike short term interest rates.  Other Fed officials are set to speak later in the day on the FOMC’s recent policy decisions.  Economic reports have been mixed early.  US home prices declined for the third consecutive month as unusually harsh winter weather continues to effect short term growth. Consumer confidence rose to 82.3 in March from an upwardly revised 78.3 in February, better than economist expectations. In corporate news, shares of Walgreens are rallying, with the stock up 4.5% after reporting earnings. Stocks in Asia finished the day mixed while Europe is marching towards a strong finish despite disappointing data out of Germany. Rumors of a new bond buying program buoyed stocks in Europe.  Gold is up slightly while oil is down to $99.20 per barrel.

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