(as of 7:25 am PST)
Markets are pushing higher Tuesday and are picking up
momentum after yesterday’s late session rally. Oil has rebounded in the last 24
hours after dipping below $35 per barrel and is bringing the rest of the market
up with it. Economic news is mixed today. Falling gas and food prices have kept
consumer prices flat on a seasonally adjusted basis in November with inflation
data in line with expectations. The Empire State general business conditions
index came in negative for December showing activity contracted, but not as
much as analysts expected. Neither of these reports are expected to turn the
tide of the expected rate increase by the Fed tomorrow, which of course is the
big story of the week. European markets recorded impressive rallies overnight
while Asian indexes finished Tuesday’s session mixed. Tomorrow’s rate decision
and today’s momentum could be a major turning point that fuels a year end Santa
Claus rally.
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