(As of 7:05 am PST)
On
Wednesday, the Dow closed up 1.4% following the release of the Federal Open
Market Committee’s (FOMC) minutes from their October meeting. The tone of the
minutes reflected a consensus from members that the economy was strong enough
to handle an increase in interest rates when the committee meets in December.
The markets responded to the FOMC minutes with a surprise mini rally up to the
closing bell. Today stocks are struggling to find footing for another rally. Early
economic news is pointing in a positive direction however. A Labor Department
report on jobless claims showed the number of people applying for jobless
benefits declined last week while a positive reading on the Philadelphia Fed
Index showed manufacturing activity picking up pace in November after
contracting in October. European markets have rebounded following the tragic
events in Paris this week and Asian markets are tracking higher on news that
China’s central bank cut lending ratings. Oil continues its downward spiral
while gold is trading up in early trading.
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