(As of 7:25 AM, PST)
Stocks have opened the day
with some welcomed gains putting US indexes on track to finish with the first
positive week in nearly four weeks. Driving the upward movement today is a jump
in oil prices which is moving the energy sector into positive territory. There
doesn’t seem to be any specific news out there that’s pushing oil higher other
than investors looking for bargains and news of stimulus measures by major
central banks. There has been some speculation that the big snow storm making
its way up the east coast may be another factor. Markets in Europe and Asian
were all up overnight amid news from the European Central Bank and the Bank of
Japan of stimulus in the near future. On the earnings front, American Express,
General Electric and Starbucks all beat analysts’ expectations, but they were
all trading lower in pre-market action with speculation that there are
valuation and growth concerns. All in all, the landscape of economic news
doesn’t seem to point toward what we are seeing this morning. Some experts are
saying that what we are seeing is a bounce from short-term oversold conditions.
Regardless, it’s nice to see some green on the board for a change.
No comments:
Post a Comment