(As of 7:20 am PST)
Equity markets are higher this morning with the Dow up
over 100 points. Investors cheered a
surprising jobless claims report before the opening bell that showed
applications for unemployment benefits fell 20,000 last week to 331,000. Other economic data showed US productivity
grew 3.2% in the 4th quarter, just shy of analysts estimates. However, the past two quarters recorded the
highest growth since 2009. Lastly, the US trade deficit climbed by 12% in
December in large part due to lower sales of heavy goods like airplanes and
business equipment. A bright spot was
the continued strength in the US oil industry as oil exports hit a record high of
$13.5 billion. Overseas action was also
positive with Asian markets finishing the day mixed, while European markets
applauded the ECB’s move to keep interest rates low. In earnings related news, shares of Twitter
plummeted after their first public earnings report failed to meet
expectations. Shares were down 20% to
open this morning. Gold is down slightly
today while interest rates are higher.
Fears still remain over the implications of the Federal Reserve taper on
global markets but in the short term it appears the markets are trying to find
their footing again.
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