(As of 7:10 am PST)
Stocks are retreating this
morning after a monumental day yesterday, which saw the Nasdaq composite index
close above 5,000 points for the first time in 15 years. Nothing significant
seems to be causing the selling pressure this morning, just likely some profit
taking off February’s rally and yesterday’s surge. Economic data is light with
a report on auto sales due out later this morning. Investors are also preparing
for a speech after the bell today from Federal Reserve Chairwoman Janet Yellen.
Asian markets finished the day mixed, with Chinese stocks selling off on news
that the China Securities Regulatory Commission just approved the IPO plans for
24 Chinese companies causing investors in the Shanghai Stock Exchange to fret
over liquidity. The Shanghai index was down 2.20% in today’s action. European benchmarks
are mostly lower as investors also took profits from a recent surge in European
stocks. Oil and gold are flat as are interest rates while the US dollar is
drifting lower.
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