(As of 7:20 am PST)
Markets are rebounding from yesterday’s losses as
investors waded through economic data that included reports on housing and
consumer confidence. Reassurance from
Philadelphia Fed President Charles Plosser gave markets a boost early, as
Plosser commented on Yellen’s time table to hike short term interest
rates. Other Fed officials are set to
speak later in the day on the FOMC’s recent policy decisions. Economic reports have been mixed early. US home prices declined for the third
consecutive month as unusually harsh winter weather continues to effect short
term growth. Consumer confidence rose to 82.3 in March from an upwardly revised
78.3 in February, better than economist expectations. In corporate news, shares
of Walgreens are rallying, with the stock up 4.5% after reporting earnings. Stocks
in Asia finished the day mixed while Europe is marching towards a strong finish
despite disappointing data out of Germany. Rumors of a new bond buying program
buoyed stocks in Europe. Gold is up slightly
while oil is down to $99.20 per barrel.
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