(As of 7:15 am PST)
Stocks are rebounding from
yesterday’s losses which saw the Dow and S&P500 suffer their biggest one
day declines in over three weeks. A strengthening dollar on the heels of
positive economic data and hawkish comments from Fed Chair Janet Yellen last
week sent stocks tumbling Tuesday. Markets have recovered some but not all
losses from yesterday as volume still remains relatively low. A light data
calendar today and a quiet Fed have investors looking elsewhere for news.
Earnings from Tiffany & Co. beat expectations sending the stock higher by
7%, while a report from Michael Kors missed estimates sending shares tumbling
in the early going. Overseas action is quiet today, with not much to update out
of the Greece situation. Asian markets finished Wednesday’s session mixed while
European stocks are rallying after yesterday’s selloff. Gold and oil are mixed
while interest rates inched higher after falling yesterday.
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