(As of 7:25 am PST)
After a sluggish start in
yesterday’s session, US stocks rallied back to finish slightly in the green for
the day. Today’s session is off to a similar start with lackluster data and
uninspiring earnings announcements keeping a lid on gains. A report on housing
starts showed a pickup in December, while building permits (a sign of future
demand) slowed below consensus. In international news, Asian markets continued
their positive streak with most indexes higher on the day, while European
stocks are mixed heading into the final hour of a choppy session. Investors are
anxious for tomorrow’s ECB meeting and the expected announcement of the central
bank’s QE package. Nerves were heightened today after a key European official
downplayed the extent of the ECB stimulus program, saying investors shouldn’t
get “overexcited.” Oil is ticking up today after a down sessions yesterday,
while gold is near unchanged. Interest rates and the US dollar are down
slightly. Expect action to pick up as the week wears on, with tomorrow’s
European Central Bank policy announcement the main event of the week.
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