Positive economic data this
morning is stabilizing markets this morning offsetting disturbing news from
Iraq. Homebuilder confidence came in
very strong and the Empire Index Reading showed robust industrial action in
that area. Merger and acquisition
activity is adding to investor bullishness.
On the down side, the IMF reduced its projection of US GDP growth from
2.8% to 2% for 2014. In Iraq, an extreme
radical Islamic army has captured major cities throughout the country. Iran and the US, two unlikely allies, are in
talks to jointly deal with the Iraq crisis.
Iraq is likely to dominate the news this week and keep a lid on stock
prices. Oil is up big on supply concerns
tied to Iraq and gold is up as well on the international tension. Russia and Ukraine disagreements continue to
smolder, ready to ignite into a major conflict at any moment.
1 comment:
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