(As of 7:10 am, PST)
On Wednesday the markets gave
back most of their Tuesday gains on disappointing earnings reports from
retailers which are often a barometer of consumer confidence. Both the Dow and
the S&P500 closed out yesterday near the same level that they opened on Monday.
The seesaw trend for the week continues today with the markets opening in
positive territory. Holding investors’ attention today are rising oil prices
following an International Energy Agency report that global demand was better
than expected in the first quarter. Oil is currently nearing $47 per barrel
which is boosting energy stock shares. There was some disappointing news on the
labor front today with initial weekly jobless claims reaching a 14 month high
of 290,000. The claims data may be pushing the markets higher on the belief
that this adds to the continuing storyline of slowed economic growth which may
keep the Fed more dovish when they meet in June to decide on interest rates.
More Fed interest will continue as the day rolls on with three Fed officials
scheduled to speak at various locations around the world today. Markets in Asia
and Europe were mixed overnight. Gold and silver continue to trade in positive
territory.
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