Tuesday, December 2, 2014

Economic Journal - Tuesday, 12/2/2014



(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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