(As of 7:30 am pacific)
Earnings continue to dominate
the financial headlines and provide positive momentum to a market that is
ignoring negative news from Europe and the US.
Jobless claims were up, home sales were down, Leading Economic Indicators
were down and the Philly Fed Index, a measure of business growth, was also
down. Walgreens is in the news and up substantially because of a resolution of
its conflict with Express Scripts. Oil
is up as is gold and most commodities.
The dollar is mixed. It almost
looks like a ‘risk on’ scenario, with buying across all sectors, but the
negative economic news is keeping a damper on the upward momentum. Generally earnings season has been much more
positive than expected and is powering the market forward. Mortgage interest rates are up slightly from
what seems to have been a bottom last week.
