(As of 7:15 am PST)
It’s another quiet day for stocks today. US indexes opened
higher after finishing down on Monday. Economic data is limited today with a
report on construction spending showing October spending increased more than
expected. Stocks moved higher after the report was released at 7:00 PST.
Meanwhile investors are turning their attention overseas where rumors are
surrounding the European Central Bank and the possibility of the ECB announcing
the start of a sovereign QE program at its meeting Thursday. European stocks
are mildly higher heading into the final hours of trading. Asian markets also
finished the day higher. The dramatic
move in the price of oil and other commodities is also stealing headlines today.
Oil has given back all of yesterday’s gains, down 3% to under $67 per barrel
pulling several energy stocks lower as well. Gold is also down nearly 2% after
a strong showing yesterday with the precious metal dropping back below $1200
per oz. Interest rates are flat while the US dollar is higher.
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