(As of 7:15 am PST)
Markets
are giving back some of yesterday’s gains after economic data on inflation and
the housing market recovery caused some market participants to begin fretting
over a Fed rate increase. Consumer prices jumped in April to their highest
level in more than three years stirring up debate today about the Fed’s path
towards its next rate increase. Reports on the housing market were also
positive. Housing starts rose in April more than expected, while building
permits (a sign of future demand) also ticked higher indicating the housing
market remains strong. Oil prices have cooled a bit after surging yesterday but
continue to trade over $47 per barrel. Apple Inc. is also trading flat today
after rallying over 3% yesterday on news that Warren Buffet’s Berkshire
Hathaway purchased 9.8 million shares in the first quarter. The stock, which
has struggled of late, helped lead a tech rally that sent the Nasdaq and the
other major benchmarks soaring yesterday. It’s a quiet news day on the
international scene. Asian markets finished the day mostly higher while
European stocks look set to close with modest losses. Precious metals are up
while the dollar index is down slightly.
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