Tuesday, May 19, 2015

Economic Journal - Tuesday, 5/19/2015



(As of 7:25 am PST)

US stocks opened flat this morning after yesterday’s session which saw the Dow and S&P500 close at all-time record highs despite the second lowest trading volume of the year. The data calendar is light again today.  Two reports on housing came in better than expected with housing starts rising sharply in April, while building permits rose higher than consensus. The big story of the day is out of Europe after a high-level central bank official announced that the ECB would step up its asset purchases for May and June. The accommodative measure sent European stocks rallying over 1% across the board. Asian indexes finished Tuesday’s session on a mixed note, despite the Shanghai Composite index gaining back more than 3% on the day. Gold and oil are significantly lower today while interest rates are also up as the 10 yr. treasury jumped from 2.18% to 2.29% early.

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