(As of 7/15am, PST)
It was a super Tuesday in more ways than one
yesterday. Yes, there were primaries in several states where Trump and Clinton
extended their leads but it was also a super Tuesday in the markets as the
major indices posted single session gains of over 2%, reaching their highest
levels in nearly two months. So what were the factors that made Tuesday so
super? There were some economic reports that came out yesterday that showed
signs that the U.S. economy was improving. The troubled manufacturing sector
rose last month to its best reading since September. Additionally, there was an
increase in U.S auto sales and U.S. construction spending rose in January. It
also didn’t hurt that oil prices have surged 30% since February 11. So how is
super Tuesday translating into Wednesday? So far, Wednesday isn’t looking so
super. In early trading, both the Dow and S&P500 are trading modestly
lower. Today the news affecting the markets is mixed. Oil is down once again on
concerns of surplus supply. Later today, the Department of Energy puts out its
weekly inventory report. A strong employment report was released earlier today
showing that 214,000 jobs were added to private sector payrolls. Europe and
Asia overnight posted impressive gains. Today, it appears that the markets are
taking a breather after yesterday’s impressive rally.
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