(As of 7:15 am PST)
Stocks opened flat this morning, with the major
benchmarks see-sawing around the unchanged line a day after the S&P500
closed above 2,000 for the first time. With very little economic data to trade
on today investors are turning to earnings reports. Tiffany & Co. reported an earnings beat
in the second quarter while also lifting its full year earnings forecast. Arts and Crafts retailer Michael’s jumped 8%
after reporting better-than-expected earnings, while retailer Express Inc.
surged 12% surprising investors with its outlook. In overseas action, Asian markets finished the day
mostly higher, while European stocks have fallen back to the unchanged line
after Wall Street’s open. Gold and other
precious metals are down slightly while oil is inching higher ahead of an inventory
report. It looks like a quiet day is shaping up as investors catch their breath
after a remarkable August rally. ‘Where do we go from here?’ is the question on
everybody’s mind.
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