(As of 7:20 am PST)
Stocks are trending higher for
the second consecutive day ahead of an early release of the Fed’s most recent
FOMC meeting minutes. The rally has sent
the S&P500 to intraday record highs over 1577. The Federal Reserve confessed to sending out
meeting minutes from its most recent March meeting to trade groups and
congressional employees. The report,
which was set to come out at 2:00 pm Eastern will be released early. The meeting minutes show a division among Fed
governors regarding exit strategies of the large stimulus program, otherwise
known as QE3. One thing is for certain
however, labor market conditions must improve before the Fed discontinues its
bond-buying. In other news around the
world, China reported a surprise trade deficit in March after a shocking jump
in imports. Imports into China surged
14.1% while exports rose 10%. Chinese
trade data has been scrutinized lately by analysts who believe China has been
overstating their exports. The rise in
imports is a positive sign for investors as it suggests a rise in domestic
consumption in China. The broad Asian
markets finished higher, while European stocks also are rallying in late
trading. Gold and oil are both down and
interest rates are up slightly.
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