(As of 7:15 am PST)
US stocks are marching higher today after the Dow recorded
triple digit gains yesterday. The move higher is being supported by this morning’s speech from Russian
President Vladimir Putin, in which the president signaled Russia is not seeking
“a partition of Ukraine.” Global markets
moved higher on the comments. Housing
data in the US also have given stocks a lift in early trading. Housing starts fell slightly in February,
however building permits (a sign of future demand) climbed 7.7% to the highest
rate since October as plans to build multi-dwelling units like apartments and
condos picked up. Today marks day one of the two-day Federal Open Market
Committee policy meeting. A lot of
attention will be given to new Fed Chair Janet Yellen as she announces the Fed’s
next step in the wind-down of its bond-buying program tomorrow afternoon. Gold prices are getting hit today ahead of the
meeting as the precious metal has been bid up in recent weeks. Interest rates are flat for the moment while
the US dollar index is up. It’s been a
good start to the week, but any surprise move by the Fed this week could spark
a return to volatility.
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