(As of 7:18 am PST)
Markets recovered this morning
after a downbeat day yesterday kicked off the second quarter. Healthcare stocks are leading the charge
after the Centers for Medicare & Medicaid Services announced late Monday
that Medicare Advantage reimbursement rates will be boosted rather than cut,
which many people had come to expect. Shares
of Humana Inc. rose 8% on the news. Stocks
continued to move higher as data on US factory orders showed orders increased
3% in February, after a 2% decline in January.
Ford and Chrysler reported strong sales for March giving investors
confidence in the US auto sales report due out later today. European markets are higher after being
closed yesterday despite disappointing unemployment data and a final reading of
the euro-zone manufacturing PMI that confirmed the deepening slowdown in
manufacturing. Asian markets are mixed
with Japanese stocks sliding on a strong yen.
Oil and gold are both down nearly 1% while interest rates are ticking
up. It could likely be a back and forth
week as investors await Friday’s key monthly jobs report. The report could set an important tone going
in to earnings the following week.
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