Solid economic data both in
the US and abroad have overcome worries over Syria and markets are up
moderately as a result. Taper talk has
fallen out of the news over the last couple of days allowing markets to build positive
momentum. Jobless claims were down more
than expected while ADP data showed that private job creation was at the lowest
level since May. ADP data has been known
to be inconsistent however. The ISM
services report came in at a very strong reading indicating that the recovery
is picking up speed. Gold is near
unchanged after a big drop yesterday and oil is up on reduced inventory
levels. Interest rates continue to march
upward, with 30 year mortgage rates topping 4.5% and the 10 year treasury
approaching 3%. The dollar is mixed
against foreign currencies today. Expect
Federal Reserve talk of tapering its huge debt purchases to resurface over the
next few days cutting into the positive market momentum.
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