(As of 7:23 am PST)
The market is snapping back after yesterday’s
losses. Data is light today but included
a Labor Department report that showed import prices fell 0.5% in April. Also, an index that measures optimism among small
businesses rose in April after falling in March. The tone in the market is generally positive
today as investors needed a day to shake off fears of the Fed’s exit strategy
from its bond buying program. Speaking
in Stockholm today, Philadelphia Fed President Charles Plosser reiterated his
views that the Federal Reserve should consider its strategy to slowdown asset
purchases by the end of the year.
Plosser was quoted directly about the Fed's bond buying in a Wall Street Journal article released
late Friday that had investors in a tizzy over the weekend. Plosser remarked today that he expects US
unemployment to be near 7% by the end of the year. In company news, Yahoo is getting a boost
after an analyst raised its price target on the stock, and Sony shares are up
10% after an influential hedge fund manager urged Sony’s Chief that the company
ought to be broken up. Internationally, Asian
markets finished the day mostly lower and Europe is on the rebound after a
positive report on industrial production showed production rising 1% in the
Euro-Zone in March. Oil prices are lower
today as the International Energy Agency (IEA) said strong oil production in
the US is expected to outpace demand from emerging economies. Gold prices are also slightly lower on the
day.
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