(as of 7:20 AM PST)
Data reports were mixed this morning, but mostly positive, showing the US economic recovery picking up speed. The Philly Fed report showed vibrant industrial activity in the northeast and jobless claims came in lower than analysts had predicted. On the down side, housing starts dropped off significantly and were well below analyst expectations. In big company news, Microsoft announced a massive employee cut. The tech titan will cut 15% of its workforce by summer 2015, which amounts to 18,000 employees. Despite a huge expense write-off, Microsoft stock continues to rally. Tensions are flaring in the Russia Ukraine standoff and that has investors on edge with gold up about half a percent as a result. Oil is also to the upside, breaking a run of down days. Earnings season has provided a lot of surprises, both up and down, but is not providing much momentum to either side of the markets. Stocks hold near unchanged, but positive news outweighs negative and should provide a lift as the day wears on.
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