(As of 7:25 am PST)
US stocks opened flat this
morning after yesterday’s session which saw the Dow and S&P500 close at
all-time record highs despite the second lowest trading volume of the year. The
data calendar is light again today. Two
reports on housing came in better than expected with housing starts rising
sharply in April, while building permits rose higher than consensus. The big
story of the day is out of Europe after a high-level central bank official
announced that the ECB would step up its asset purchases for May and June. The
accommodative measure sent European stocks rallying over 1% across the board.
Asian indexes finished Tuesday’s session on a mixed note, despite the Shanghai
Composite index gaining back more than 3% on the day. Gold and oil are
significantly lower today while interest rates are also up as the 10 yr. treasury jumped
from 2.18% to 2.29% early.
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