(As of 7:19 am PST)
Stocks are on the mend this
morning after turbulent trading last week.
It is a light day on the US data front as investors are turning to
positive global reports today. Despite a
slowdown in Chinese manufacturing in February, investors were optimistic after
a report showed that pro-stimulus leader Haruhiko Kuroda would likely become
the next governor of the Bank of Japan.
The Japanese Nikkei hit a 4 year high after the news. Optimism carried into European markets
spurred also by a positive general election in Italy. Wall Street has joined the global rally today
with stocks higher on all three major indices.
The risk on scenario has lifted gold and oil and most other commodities
as well. Today’s market gains may be
short-lived however as Ben Bernanke returns to the podium tomorrow in a two day
congressional testimony of the Fed’s monetary policy and Friday’s sequester deadline
rapidly approaches.
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