(As of 7:10 am pacific)
The market is higher this morning after a report showed
that jobless claims rose to 367,000 last week, slightly below analysts
expectations. In Europe, ECB President
Mario Draghi announced that the central bank will leave its key lending rate unchanged
at 0.75%. Meanwhile at a press
conference earlier this morning Draghi reiterated that the ECB stands ready to
buy bonds as soon as a euro-zone country requests aid. Draghi’s comments had a stabilizing effect in
Europe and helped lift the euro against the dollar. Commodities are up across the board,
including gold up 0.5% and oil adding 1% as the US dollar is down. Interest rates are flat and volatility is
lower today. With a lack of economic
reports out today, there is a lot of discussion surrounding last night’s
Presidential debate as many pundits are giving the victory (for the debate that
is) to Governor Romney. The bounce we’re
saying in the market today may be a result of that, but not likely. There seems to be a growing optimism in the
market as recent reports have been positive. All in all, it seems to be a quiet day today,
and is shaping up to be a repeat of yesterday.
