(As of 7:09 am PST)
It’s a pretty quiet day on the
markets so far with stocks slightly higher after yesterday’s losses snapped an
8 session winning streak for the S&P500.
Investors are looking to the two day Fed policy meeting that kicks off
today for any signs of policy action.
Most analysts expect the Fed to continue its bond buying program, known
as QE3, while simultaneously keeping short term interest rates low. The Case-Shiller Index of home prices in 20
major US cities was slightly higher in November, with year over year gains
hitting 6 year highs. A consumer
confidence report showed confidence dropped in January to the lowest level
since November 2011, likely with the payroll tax effecting consumers pocketbooks
and attitudes. Some big name companies
have reported quarterly earnings recently including Yahoo, Ford, and Pfizer,
with all 3 companies beating analyst estimates.
Amazon is set to report later this afternoon. International news is light with European
stocks lower and Asian markets mixed.
Oil and gold are both up nearly .75% while interest rates also are
inching higher. Expect another mixed day
with movement coming on earnings and the Fed’s policy announcement tomorrow.
