(as of 7:00 AM PST)
US stocks are attempting a positive about face this morning, bucking the down markets of Asia and Europe. While housing starts failed to meet expectations, housing permits were much stronger than anticipated leaving investors wondering how the Federal Reserve will react tomorrow regarding interest rates. Most analysts have concluded that interest rates will not be raised tomorrow but that October is a more likely target for Fed action. With not much economic data flowing, Greece continues to provide drama while Russian aggression against Ukraine is once again starting to make headlines. After a stinging few days of market declines, any sign of stabilization would be very welcome at this point. In other markets, gold is giving up yesterday's gains while oil is slightly higher and interest rates have stabilized.
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