(As of 7:20 am PST)
Markets opened near the unchanged line today as investors
waded through a mix of economic data both at home and abroad. Jobless claims rose by 28,000 to 326,000 last
week after falling to a seven-year low in early May. The level of claims still remains near a
pre-recession low but today’s unexpected spike is worth noting. A report on housing showed existing home sales
rose 1.3% in April, slightly below expectations but still a positive
reading. On another note, a report which
tracks leading economic indicators in the US, rose in April. Also hitting the wires in early trading was a
final reading of the manufacturing PMI index which showed manufacturing
activity accelerating to a 3 month high in April. Strong manufacturing data out
of China and Japan also helped to lift stocks early. In earnings related news, retailers Best Buy
and Dollar Tree posted earnings results that beat expectations and shares are
rallying as a result. Hewlett Packard is
set to report after the bell today.
Asian markets finished decidedly higher while Europe is flat in the
final hour of trade. There’s a positive
sentiment in the market today, but after yesterday’s surge it looks like today’s
session may be more cautious.
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