Stocks are off to another great start as economic data
and upbeat earnings results from Bank of America added to sentiment. Bank of America’s 4th quarter
earnings beat analyst expectations and shares rose over 3% topping financial
stocks. Shares of Apple also propped up
equity markets in early trade after the Chairman of China Mobile announced the
recent deal with Apple would be cooperative and reported that millions of
iPhones have already been ordered by customers.
Economic data has also been positive this morning. The Empire State manufacturing index rose
sharply in January, well above analyst expectations and to the highest level
seen since May 2012. The Empire State
index is often a good indicator of broad manufacturing activity throughout the
industry. The producer price index rose
for the first time in 3 months as well.
International stocks are adding to the positive tone today. Stocks in Europe advanced for the 4th
consecutive day and Asian markets also closed higher. Optimism was spurred by a fresh economic
growth forecast from the World Bank which lifted its outlook to a 3.2% rate
world-wide in 2014. Gold is slipping
while interest rates moved higher with more money moving into riskier equities.
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