(As of 7:15 am PST)
US stocks opened higher today as investors focused on
earnings results from large US retailers.
Wal-Mart led the way early with a better-than-expected earnings report
which had shares up 3.5%. Kohl’s Corp. fell by just as much after sales and
earnings missed expectations while shares of JC Penney took a beating after
sales missed forecasts. Other big names reporting today include Nordstrom, Cisco
Systems and Dreamworks Animation. In economic news, jobless claims rose
unexpectedly to a two month high, but remained below the key level of 300,000.
Tomorrow is full of new data, with reports on retail sales, import and export
prices, and consumer sentiment all giving direction heading into the weekend.
Overseas action was similar to what we’re seeing here at home. Asian markets
closed mostly higher while European stocks are also looking at a positive
close. Oil continues to tumble, down 2% today to $75 per barrel ahead of a
report on inventories. Gold is flat as are interest rates. Underlying strength remains
in the market, but strategists are concerned about the S&P500’s inability
to push through some key technical levels lately. Whether we see a short term
pullback or not, there seems to be a more predominantly bullish sentiment
heading into the end of the year.
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