(As of 7:10 AM PST)
Positive
economic data has stocks on an upward move in morning action. Solid
market gains in Asia overnight have added to the upward momentum.
Industrial production surged on increased auto manufacturing and the producer
price index (PPI) showed that inflation was well in hand. One negative
report showed the Empire Manufacturing Index retreating more than expected and
Consumer sentiment fell as well. The consumer sentiment number is more of
a lagging indicator and did not have an impact on the market's positive
opening. It looks like a good strong day for stock market indexes.
Gold is off sharply on reduced international tensions, giving up 1.5 percent
this morning. Oil is recovering slightly after a huge drop over the last
two weeks. Lower gas prices are one of the reasons inflation was so well
behaved. The last week's rally has been a nice summer surprise.
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