(As of 7:15 am PST)
Jobless claims data and news out of Europe have pushed
stocks higher early. Jobless claims fell
to the lowest level in 5 weeks, to a seasonally adjusted 330,000 last
week. The monthly average of new claims
also fell by 9,750. Tomorrow’s nonfarm
payrolls report will give investors a clearer picture of hiring, but all in all
labor market conditions are showing signs of strength. Also propping up stocks early was some news
out of Europe. The European Central Bank
and the Bank of England left their monetary policies unchanged and reiterated
their stance on keeping interest rates low for the foreseeable future. Markets initially shot higher on the news but
have slowly given back some of the day’s gains.
Gold and oil are flat with the precious metals’ 2014 outlook being
slashed by Bank of America Merrill Lynch by 11% to $1,150 an ounce. Interest rates and the US dollar are
also flat. The mood is a cautious one going
in to earnings season with former Dow component, Alcoa, kicking things off
after today’s closing bell.
No comments:
Post a Comment