(As of 7:10 am PST)
Markets have taken back nearly all of yesterday’s losses
as Ukrainian-Russian tensions eased overnight.
Russia’s Vladimir Putin, in his response to an international threat of
sanctions, defended his case for the use of force in Ukraine, but also stated
he saw no need to send forces into Ukraine just yet. Russia’s defense minister early Tuesday
ordered Russian soldiers to return to their bases despite the situation in
Crimea remaining tense. Not much has
changed, but the perception of easing tensions was enough to soothe markets
globally. Russian stocks leapt on the news while Asian markets and Europe moved
higher as well. US markets have taken
all of yesterday’s losses back, and then some, with the S&P500 hitting a
new intraday high above 1868. The data
calendar is light today with little to trade on. In corporate news, shares of RadioShack are
getting pummeled, down 20%, after the electronics retailer missed quarterly
earnings and announced the closing of 1/5 of all its stores. Shares of JCPenney are higher by 5% on a
boosted outlook from S&P, while Tesla Motors is also higher after
announcing plans to expand in Europe.
Gold and oil prices are lower while interest rates are up. With lots of uncertainty remaining, expect gains to deteriorate as the day wears on.
No comments:
Post a Comment